Cranswick PLC (LSE:CWK) reported revenue growth for its first quarter, and said its outlook for the full year remains in line with expectations.
The UK food producer said revenue in the 13 weeks ended June 25 rose 7.6% compared to the same period last year.
On a like-for-like basis, revenue was 5.8% higher, with strong growth in the core UK market partially offset by lower export revenues, the company said.
The producer of fresh and added-value food products said UK pig prices increased by 27% during the period, reflecting the sharp rise in feed prices with wheat and soya reaching all-time highs, while China pig prices have firmed in recent weeks, although still below their highs of 2019 and 2020.
A few weeks before the end of fiscal 2022, pre-production trials are to begin at the company's new £32mln Breaded Poultry facility in Hull, with commercial roll-out starting this quarter.
"We have made a positive start to the year notwithstanding the challenging operating conditions we continue to experience. Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy," said Adam Couch, chief executive.
Shares were 1.68% down at 3,284.00p in London.