UK meat producer Cranswick’s full-year profit rises on strong demand
(Reuters) -Cranswick Plc on Tuesday reported a rise in full-year profit, as the British meat producer saw strong demand for gourmet meat and fresh pork while cost inflation pressures eased.
Britons, who faced rising prices and an income squeeze last year, loosened their purse strings towards the end of 2022, boosting holiday sales at Cranswick, which produces fresh pork, bacon, gourmet sausages, poultry items and continental foods.
That, coupled with a recovery in Eastern markets like China and easing cost inflation pressures compared to last year benefited Cranswick.
Adjusted profit before tax for the 52 weeks ended March 26 stood at 140.1 million pounds ($176.82 million), compared to 136.9 million pounds in the preceding year.
Annual revenue was up 15.7% at 2.32 billion pounds.
“Whilst total volume growth in the year was only modest, prior year comparatives reflected pandemic-related elevated in-home consumption. Like-for-like volumes remain well ahead of pre-pandemic levels,” CEO Adam Couch said in a statement.
($1 = 0.7923 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber)