UK food producer Cranswick has posted a 12.3% increase in revenue to over £1.2 billion, with the firm's outlook at the 'upper end of current market consensus'.
The Hull-based processor, which owns farms and supplies pork and chicken to retailers, has posted its financial results for the first half of 2023.
Adjusted profit before tax was £81.6m, up 23.6% from £66m a year before, the company said today (21 November).
While it remains cautious about current market and wider economic and geopolitical conditions, Cranswick said the outlook for the current financial year ending March 2024 remains positive.
It has also seen a positive contribution from rapidly expanding pig farming operations, with self-sufficiency in pigs now at 50%.
This has been complemented by the £31.7 million acquisition of the Elsham Linc indoor pig farming business.
The firm said it continues to invest in its operations at pace, with total capex of £39.4m across its asset base.
Elsewhere, the results explain that a £62m expansion of its Hull-based primary pork processing site is now underway.
Responding, Adam Couch, Cranswick’s CEO, said the firm's strong start to the year continued through the second quarter.
“Momentum has continued through the start of the third quarter as our customers continue to appreciate the affordability, value for money and versatility of our core pork and poultry categories.
“Our continued positive progress is made possible by the substantial ongoing investment in our asset base, expansion of our pig farming operations and the quality and capability of our colleagues across the business.
“Notwithstanding the many challenges that we experience, I am confident that the strengths of our business... will support the further development of Cranswick in the current financial year and over the longer term.”