Cranswick celebrates record Christmas as shoppers go premium

Shopper appetite for premium products at Christmas has helped pigs in blankets producer Cranswick to a record festive trading period.

The meat processor said its premium value-added products – including gourmet sausages, bacon, gammon, cold cuts and pigs in blankets – performed “extremely well” in the 13 weeks to 28 December.

Cranswick added revenue growth in the third quarter was once again “strong” and underpinned by “excellent” volume growth across the core UK food business.

The group received a further boost in December as its China export licence for the Norfolk primary processing facility was reinstated after a four-year hiatus. A full range of products started being shipped to China earlier this month.

Cranswick also announced this morning a move into pig genetics with the acquisition of JSR Genetics from JSR Farms. The group added the deal – which includes JSR’s genetics and pig farming operations – would strengthen its pig farming and milling operations.

CEO Adam Couch said: “We have delivered a record Christmas trading period underpinned by outstanding service levels and sector leading innovation across our festive product range.”

He added the JSR Genetics acquisition increased the scale of the group’s indoor pig production, further securing supply for its customers’ pork requirements.

“The addition of an integrated pig genetics supply chain will allow us to drive ongoing improvements in production efficiency, meat quality, animal health and robustness, for the long-term benefit of our customers and the UK consumer.”

Despite the positive trading update, Cranswick remained cautious in its outlook for the full financial year, maintaining its current guidance for adjusted pre-tax profits of between £189m and £195.1m.

“As we look ahead to the new financial year, we will need to manage the well-publicised inflationary pressures alongside wider economic uncertainty and food security risks, but our business is in great shape, and we are well placed to successfully manage the challenges that may lie ahead,” Couch said.

Shares in Cranswick climbed 0.9% to 4,933.8p as markets opened this morning.