Cranswick, a leading meat and poultry manufacturer, has reported a significant revenue spike of 14.7% year-on-year in the first quarter of the 2023/24 financial year. This revenue growth was observed across all four of its product categories, namely fresh pork, convenience, gourmet, and poultry. While fresh pork, convenience, and gourmet sales increased, poultry sales experienced a decrease in volume. The company attributes this decline to lower demand from China and a decline in export volumes.
The boost in revenue can be partially attributed to the reduced size of pig herds, caused by increasing input costs. This reduction in supply has led to a rise in prices, thereby driving up Cranswick’s revenue. In fact, the average UK pig price during the first quarter of 2023/24 increased by 28% compared to the same period last year.
To counteract the impact of inflation, Cranswick has implemented cost control measures while investing in automation. This strategy has allowed the company to offer competitive prices to its customers without compromising on quality.
Cranswick’s CEO, Adam Couch, expressed his satisfaction with the results, acknowledging the hard work and dedication of the company’s staff that has contributed to its success. He emphasized the importance of excellent service levels and credited ongoing investments in the company’s asset base and the capabilities of its employees.
Looking ahead, Cranswick has already begun investing in retail packing and slow cook capacity. Furthermore, plans are in place to increase cooking and roasting capacity at its poultry site. As a result of the strong start to the financial year, the company’s outlook for the year-end in March is expected to exceed the board’s previous expectations.
In other news related to the food manufacturing industry, 2 Sisters recently reported growth in its full-year 2022 results.
