Cranswick (CWK) H2 2026 earnings summary

Executive summary

• Achieved 9.5% revenue growth and 8.3% UK food volume growth year-over-year, driven by strong operational performance, strategic investments, and record Christmas trading.

• Adjusted operating margin rose to 7.9%, supported by operational leverage and disciplined cost control.

• Maintained 36 years of consecutive annual dividend growth, increasing the final dividend by 12.5%.

• Significant capital investments and acquisitions, including Blakemans, JSR Genetics, and Fridaythorpe feed mill, enhanced vertical integration and supply chain efficiency.

• Trading in the early part of the new financial year is in line with expectations, with robust demand and expanding growth opportunities.

Financial highlights

• Reported revenue reached GBP 2,982.5 million, up 9.5% year-over-year.

• Adjusted operating profit increased by 14.5% to GBP 237 million; adjusted profit before tax was GBP 220 million, up 11.2%.

• Adjusted EPS increased 10.4% to 301.7p; dividend per share up 11.4% to GBP 1.125.

• Free cash flow rose 25.7% to GBP 268.4 million; free cash conversion at 120.6%.

• Net debt (excluding leases/IFRS 16) was GBP 65.0 million, with leverage at 0.2x.

Outlook and guidance

• Continued investment in capacity, automation, and efficiency, including GBP 56 million for poultry expansion and GBP 100 million for pork.

• Positive outlook for all product categories, supported by long-term consumer partnerships and innovation.

• Medium-term targets reaffirmed: mid-single digit revenue growth, operating margin ~7.5%, ROCE upper teens, leverage <2x.