- High export revenues to China
- Cranswick justifies strong share price rise in 2021
The outlook for the rest of this financial year is still in line with management’s expectations, food producer Cranswick (CWK) said on Monday as it posted 9.6 per cent revenue growth for the 13 weeks ending 26 June.
Volumes were up 7.7 per cent, buoyed by “strong retail demand” and higher sales from its relatively new Eye-based poultry facility. The FTSE 250 group also pointed to a “gradual but sustained recovery” in its food-to-go channel as well as Far East export sales “well ahead” year-on-year helped by strong market prices.
As Investors’ Chronicle has previously explored, the spread of African Swine Fever (ASF) in China has devastated the country’s pig population but proved advantageous to Cranswick, supporting its export revenues.
Cranswick said in its latest update that it will spend a further £5m on its new £20m cooked bacon facility in Hull in order to bolster capacity.
