Cranswick plc (LON:CWK), one of the UK’s leading food producers today provided a trading update covering the 13 weeks leading to Christmas. They reported accelerating revenue growth across the group and progress in recovering cost inflation.
The group is investing in facilities from farms to factories and reported improved sustainability scores, including a grade A score for their climate performance.
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Cranswick leave their full year expectations unchanged and described the UK market as extremely resilient and their ongoing cost controls as effective in mitigating inflationary pressures.
Cranswick’s Offers Growth
Steve Clayton, head of equity funds at Hargreaves Lansdown:
“Cranswick is a recent addition to our HL Select UK equity funds. We’ve invested precisely because the group can trade strongly like this, even under times of economic pressures. Demand for food rarely stays down for long and Cranswick have built strong positions in the pork and poultry markets that place them at the heart of millions of shopping trolleys every week.
With investments into new capacity and cost initiatives underway, Cranswick offers very visible growth for the future. The group is performing strongly on sustainability measures too, as shown by their rising Climate Disclosure Project scores.
The group has a track record of growing its dividend every year stretching back as far as 2002. Today’s trading update gives confidence that can continue. We’re not surprised to see the market reacting positively to the statement, with the stock rising 2% in early trading.”
