Cranswick (CWK) Q1 2026 TU earnings summary

Executive summary

• Revenue grew 9.7% year-over-year in the first quarter, with all product categories contributing and the Blakemans acquisition performing as expected.

• Like-for-like revenue increased 7.9% year-over-year, driven by volume growth, new business wins, and strong demand for premium products.

• Export revenue was robust, aided by reinstated China export license and higher pricing.

• Pet Products revenue surged, supported by the Pets at Home rollout and new premium own-label business.

Financial highlights

• Net debt at quarter end was higher than March 2025 due to the Blakemans acquisition, capital investment, and seasonal working capital, partially offset by strong free cash generation.

• Group refinanced its banking facility, securing a new £360m revolving credit facility, with an additional £90m available, replacing the previous £250m facility.

Outlook and guidance

• Outlook for the year ending March 2026 remains in line with current market expectations for adjusted profit before tax of £206.5m–£213.6m.

• Continued investment across operations aligns with updated medium-term guidance.

• Board confident in further development, citing strong customer relationships, product quality, and robust financial position.