Cranswick (CWK) Q1 2025 TU earnings summary

Executive summary

• Strong first quarter trading with 6.7% revenue growth year-over-year, driven by robust UK food demand and business wins.

• Premium product ranges and pet products performed particularly well, with export volumes up but offset by lower prices in the Far East and EU.

• Integration of agricultural operations and acquisition of RSPCA Assured pig farms increased self-sufficiency in premium British pigs.

• Continued capital investment in processing capacity, new facilities, and value-added poultry expansion.

Financial highlights

• Group reported revenue up 6.7% compared to the same quarter last year; like-for-like revenue up 6.4%.

• Strong cash generation, with net debt modestly higher at quarter end versus March 2024.

• Committed, unsecured facilities of £250 million provide comfortable headroom.

Outlook and guidance

• Board expectations for the financial year ending 29 March 2025 remain unchanged.

• Demand for products expected to remain robust for the remainder of the year.

• Continued focus on customer relationships, product quality, and asset infrastructure to support long-term growth.