Cranswick first quarter revenue leaps 25% as lockdowns whet appetite for meat

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(Reuters) – Meat processor Cranswick Plc said on Monday it expects retail demand to normalise for the rest of the year as more people start dining out, after eating in during lockdowns helped its revenue surge 25% in the first quarter.

The company, which owns farms and supplies pork and chicken to UK grocery retailers, also said outlook for the year ending March 2021 was seen exceeding its prior expectations, while capex will be lower than last year.

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

Cranswick also exports meat across continents and has benefited from increased prices and demand from the Far East as Chinese pig herds recover from African swine fever.

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