Published by Insider Media
"STRONG QUATER OF GROWTH" FOR CRANSWICK
Listed food producer Cranswick has hailed "another strong quarter of growth" in the run up to Christmas.
In a trading update, the Hull-headquartered company said UK retail demand had remained strong during the quarter, reflecting a continued shift towards greater in-home consumption resulting from the Covid-19 pandemic.
Sales over the festive period were ahead of the same period in 2020, which Cranswick said reflected a well-executed Christmas plan, with industry-wide labour and supply chain challenges remaining well-managed.
Far East export sales were lower than the same quarter last year due to market prices falling back from the elevated levels experienced over the previous two years and the ongoing suspension of its Norfolk primary pork processing facility's China export licence.
Operational and commercial challenges remained in the UK pork sector, with the supply of pigs at times exceeding demand and processing capacity.
Work on Cranswick's £31m premium breaded poultry facility in Hull is progressing to plan with the plant due to be commissioned early in the new financial year.
Adam Couch, chief executive at Cranswick, said: "We have delivered another strong quarter of growth during which we have supported our customers by delivering excellent service levels to ensure full availability of our products.
"Our performance, which built on the positive and sustainable progress delivered in the first half of the year, reflected the unstinting commitment and dedication of our colleagues across the business and I thank them for their continued support in what continues to be an incredibly challenging operating environment.
"Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick's successful long-term development."