(Reuters) -British meat producer Cranswick reported 7.9% growth in first-quarter like-for-like revenue on Monday, supported by resilient consumer demand for premium ranges as well as new business wins
Cranswick Reports 7.9% Revenue Growth Driven by Premium Meat Demand
(Reuters) -British meat producer Cranswick reported 7.9% growth in first-quarter like-for-like revenue on Monday, supported by resilient consumer demand for premium ranges as well as new business wins.
The company, which supplies fresh pork, sausages, and bacon to supermarkets across Britain and exports to China, said premium meats continued to outperform as consumer appetite for natural protein, that derived from unprocessed sources like meat, is increasing.
Cranswick has been expanding its operations across the pig production chain with recent acquisitions including sausage manufacturer Blakemans and UK pig genetics firm JSR Genetics .
The company reported a 9.7% growth in reported revenue, partly helped by Blakemans' integration.
The East Yorkshire based company has been ramping up capital spending to boost capacity, across its sites and said it has committed an additional 14 million pounds ($18.78 million) to expand output and product range at its Lincoln pet food facility.
For the full year ending March 28, Cranswick expects to report adjusted pre-tax profit in line with market expectations of between 206.5 million pounds and 213.6 million pounds, according to a company compiled poll.
($1 = 0.7457 pounds)
(Reporting by Aatrayee Chatterjee and Raechel Thankam Job in Bengaluru; Editing by Nivedita Bhattacharjee)
