Cranswick (CWK) H1 2026 earnings summary

Executive summary

• Achieved strong revenue growth of 10.4% year-over-year, with like-for-like revenue up 7.9% and 7% volume growth in UK food.

• Adjusted operating margin rose to 7.7%, supported by integrated poultry supply chain, automation, and cost control.

• Record capital investment of £89m in H1, including major projects in Hull and new houmous and dips facility.

• Integration of recent acquisitions (Blakemans, JSR Genetics, Fridaythorpe Mill) is ahead of expectations and delivering synergies.

• Outlook for the full year remains in line with Board expectations, with positive trading momentum into Q3.

Financial highlights

• Revenue: £1,468.3m (+10.4% year-over-year); like-for-like revenue up nearly 8%.

• Adjusted operating profit increased 13.5% to £113m; adjusted PBT up 9.7% to £105.1m.

• Adjusted EPS rose 9.3% to 144.4p per share; interim dividend increased 8% to 27.0p per share.

• Free cash flow of £97m; free cash conversion at 89.9%; net debt (ex-leases) increased by £126.4m due to CapEx, acquisitions, and working capital build.

• ROCE maintained at 18.2%; leverage at 0.4x (post IFRS 16: 0.9x).

Outlook and guidance

• Christmas order book is strong, with record volumes expected for key products.

• Full-year outlook remains in line with board expectations; operating margin expected to be maintained in H2.

• Continued focus on quality, value, innovation, and customer service to drive future growth.

• Ongoing investment in capacity and innovation expected to drive further growth.

• Trading momentum continues into Q3, with strong demand for premium pork and poultry.