Meat processor Cranswick has celebrated a record Christmas of trading across its fresh pork, convenience and gourmet festive ranges.
Premium added-value products performed particularly well, including its festive grazing platters, the group said in a third-quarter trading statement this morning.
It contributed to strong revenue growth in the 13 weeks to 27 December as momentum from the first half continued, with all product categories ahead of the same quarter a year ago.
Cranswick now expected full-year adjusted pre-tax profits to be towards the upper end of the £211m to £216m forecast range.
Poultry sales were significantly ahead of the prior year, driven by stronger fresh poultry pricing. Cranswick said it reflected the move to enhanced welfare, lower stocking densities and the onboarding of premium retail business at the added-value cooked and prepared poultry sites.
Pet products revenue also increased as the relationship with Pets at Home continued to develop with the onboarding of additional premium lines.
“We have delivered another strong quarter of growth underpinned by revenue growth across all product categories and a record Christmas trading period,” CEO Adam Couch said.
“This excellent performance is the result of our unrelenting focus on delivering outstanding service levels, sector-leading innovation and unrivalled product quality across our festive product range for our customers.
“I would like to thank all of our colleagues for their ongoing support and commitment. The unrivalled capability of our people across the business is key to our continued successful progress and development.”
Cranswick added demand for premium pork and poultry categories remained robust, reflecting consumer desire for “high-quality, healthy, nutritious food which is both versatile and great value”.
Capital investment during the year is expected to total in the region of £160m-£170m, which is lower than the previous guidance due to the timing of spend on major projects.
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