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Cranswick in "robust financial position" as sandwich market recovers

The UK pig price increased by 12% during the second quarter but was down 9% year-on-year.

Cranswick PLC -

Cranswick PLC (LSE:CWK) said the outlook for the current financial year remains in line with expectations as the “food to go” sector continued its gradual recovery.

The pork and poultry products specialist said revenue in the 13 weeks to 26 June – the first quarter of its financial year – were up 9.6% year-on-year on volumes that were 7.7% higher, reflecting strong retail demand and increased sales from the Eye poultry facility.

Export sales to the Far East were “well ahead” o the same quarter of last year, the company revealed, without putting an exact figure on sales growth.

As a result of strong cash generation and tight working capital management, net debt was only modestly higher at the end of June than it was at the March 2021 (financial) year-end. The group said it remains “in a robust financial position” with committed, unsecured facilities of £200mln providing comfortable headroom.

Shares in Cranswick were up 1.7% at 4,068p in early deals.

Quick facts: Cranswick PLC

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Price: 3725.34 GBX

Market Cap: £1.97 billion

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