Group revenue at Cranswick has increased by 6.7% year-on-year in the first quarter of its financial year, with results being driven by "strong volume growth", leading to business wins and a return to promotional activity.

On a like-for-like basis, revenue at the food producer increased by 6.4%, as the firm reported that its premium product ranges performed “particularly well”.

It added that although export sales volumes were "strongly ahead", they were offset by reduced pricing in the Far East and the EU, although Cranswick added that prices in the former were starting to firm.

Cranswick added that it was continuing to invest in its asset base in order to drive operational efficiencies and to add capacity in readiness for business coming on stream.

The firm said that is continued with “strong cash generation” during the quarter, despite net debt being modestly higher at the end of the quarter, compared to position at year end in March 2024.

The group stated in its outlook that it has delivered "strong, volume led, revenue growth in the first quarter, along with further investment in its farming operations, capacity expansion and driving operating efficiencies", meaning that its expectations for the current financial year are unchanged.

Chief executive officer at Cranswick, Adam Couch, said: "We have made a strong start to the year, delivering another quarter of strong revenue growth, whilst continuing to provide excellent service levels ensuring full availability of our products for our customers and the UK consumer. Our continued capital investment programme, including integration of agricultural supply chains, will further enhance operating efficiency and support UK food security as we continue to deliver on our long-term growth strategy.

"Our poultry business is growing strongly and the substantial investment we are making in our two value-added facilities in Hull will create the headroom for further expansion in this category.

"Looking ahead we continue to lay the foundations which will allow Cranswick to prosper. We have added to our pig herd during the quarter and, going forward, we expect to make further investment in our agricultural operations to ensure supply chain security and value optimisation."

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