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Cranswick (CWK) investor relations material
Cranswick H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary25 Nov, 2025
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.
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Q3 2026 TU27 Jan, 2026
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Frequently asked questions
Cranswick plc designs, develops, manufactures and sells food products. The company offers fresh pork, gourmet bacon and gammon, fresh and coated chicken, ready to eat chicken, charcuterie (cold meats), houmous and dips, olives and antipasti; gourmet sausages; cooked meats; gourmet pastries; cheese and pasta. It also offers snacks and sharing boxes under the Bodega brand; olives, olive oil and pulses under Cypressa brand; Mediterranean foods under Ramona's Kitchen brand name; pet food and supplies under Vitalin® and Alpha Feeds®, as well as operates export business.
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