Lock­down din­ners at home lead to 25pc sales in­crease and im­proved out­look for Cran­swick

The Daily Telegraph - Business - - Special Report: Feeding The Nation - By Si­mon Foy

BRI­TONS’ ap­petite for ba­con dur­ing lock­down helped meat pro­ducer Cran­swick boost sales by 25pc in its first quar­ter, and the firm has raised its out­look for the year.

Rev­enue for the 13 weeks to June 27 was 24.8pc ahead of same pe­riod last year, the com­pany re­vealed, while like­for-like sales jumped 19.2pc.

Cran­swick said: “As a re­sult of the cur­rent shift to­wards greater in-home con­sump­tion, re­tail de­mand has been ex­cep­tion­ally ro­bust.

“This, to­gether with in­creased poul­try sales ... has all com­fort­ably off­set lower food ser­vice rev­enue. This pos­i­tive per­for­mance has, to date, con­tin­ued dur­ing the se­cond quar­ter.”

An­a­lysts at HSBC ex­pect the trend to have “nor­malised some­what” in Au­gust as the Gov­ern­ment’s “Eat Out to Help Out” scheme takes ef­fect. Cran­swick said re­tail vol­umes should be­gin to nor­malise through the re­main­der of the year as con­sumers grad­u­ally re­turn to eat­ing out.

But it still ex­pects its out­look to be ahead of pre­vi­ous ex­pec­ta­tions for the year.

Chief ex­ec­u­tive Adam Couch said: “Whilst we re­main cau­tious about the longer-term im­pact of Covid-19 and the un­cer­tainty sur­round­ing the on­go­ing Brexit ne­go­ti­a­tions, we are well po­si­tioned to ad­dress these chal­lenges.”

The FTSE 250 com­pany said all its sites re­mained fully op­er­a­tional, with “en­hanced safety mea­sures swiftly in­tro­duced in March”.

In May, Cran­swick re­vealed that three of its work­ers who con­tracted coro­n­avirus had died.

Shares closed 6.6pc higher to £40.76.

Cran­swick has ben­e­fited from Bri­tons eat­ing more pork prod­ucts at home

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.