Cranswick (CWK) Q1 2027 TU earnings summary

Executive summary

• Revenue for the 13 weeks to 27 June 2026 increased by 5.5% year-over-year, driven by strong volume growth of 8.2%.

• Like-for-like revenue rose 4.0% with volumes up 6.4%, reflecting robust demand for core products and lower input prices passed to customers.

• Growth was led by poultry, fresh pork, convenience, gourmet, and pet products, with notable retail and wholesale channel performance.

• Continued investment in capacity and efficiency, including major expansions at Eye and Hull facilities.

• Formed a joint venture with The Jolly Hog Group, expanding premium product offerings.

Financial highlights

• Strong cash generation kept net debt at quarter-end in line with March 2026, despite ongoing capital investment.

• Committed, unsecured facilities of £360 million provide significant financial headroom.

• Market expectations for adjusted profit before tax for FY27 range from £230.0m to £243.0m, with an average of £234.3m.

Outlook and guidance

• Outlook for the year ending 27 March 2027 remains in line with current market expectations.

• Board confident in further development, supported by a diverse customer base, product breadth, and robust financial position.

• Acknowledges potential risks from Middle East conflict and domestic political changes.