Cranswick's profits are expected to be higher than current market forecasts as African swine fever continues to 'create opportunities' for UK exports to Asia.
The UK food company, based in Hull, East Yorkshire, released an unscheduled trading update on Friday 17 January.
It said the group’s adjusted profit before tax for the year ending 31 March 2020 is now expected to be higher than current market forecasts.
The interim results announcement, released last November, stated the firm had delivered a robust performance in a competitive UK market.
That performance, and market backdrop, in the UK continued over the important Christmas trading period.
Export sales have continued to be exceptionally strong and the outlook remains positive, the update said.
As stated in Cranswick's interim results announcement, the ongoing issue of African swine fever in Asia has significantly boosted exports, assuming the UK remains ASF-free.
Elsewhere, the commissioning of the £75m primary poultry processing facility in Eye, Suffolk continues to plan, with the “ramp up” phase now underway.
The company has also accelerated investment in its pig farming and rearing operations during the period through the acquisition of Packington Pork Limited.
The transaction materially increases Cranswick’s self-sufficiency in UK pigs processed, securing direct control over a significant part of the group’s supply chain for premium pigs.
The company will announce its preliminary results for the year ending 31 March 2020 on 19 May.
