Cranswick, a leading U.K. food producer, has announced that its performance in the third quarter, particularly during the Christmas period, exceeded expectations. As a result, the company now anticipates that its adjusted pretax profit for fiscal 2024 will surpass the board's initial projections.
During the 13-week period ending on December 23, Cranswick experienced strong revenue growth, driven by higher volumes across all four core U.K. food categories. The company's expanded pig farming and milling operations also continued to make positive contributions to its performance.
In terms of financial position, Cranswick remains robust with comfortable headroom provided by its committed, unsecured facilities of £250 million ($316.9 million).
Looking ahead, Cranswick expects its adjusted pretax profit to exceed the board's expectations for fiscal 2024. In November, market consensus for adjusted pretax profit for the year ending on March 30 was estimated to be in the range of £153.2 million to £160.8 million.
Cranswick's board expresses confidence in the company's strengths, including its long-standing relationships, wide range and high quality of products, solid financial position, and industry-leading asset infrastructure. The board believes that these factors will contribute to further successful development in the current year and beyond.
As of 0806 GMT, shares of Cranswick were up 96 pence, or 2.5%, at 3,984 pence. Over the past 12 months, the company's shares have seen a 24% increase.
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