Lockdown retail boom sees Cranswick sales soar
21st Aug 2020 / By Alistair Driver
Cranswick has lifted its outlook for the current financial year after benefiting from a significant sales boost during the lockdown period.
The Hull-based pork and poultry processor's revenue in the 13 weeks to June 27 2020 was 24.8% ahead of the same period last year, while, excluding the contribution from recent acquisitions, revenue on a like-for-like basis was 19.2% higher.
Cranswick, which was already in a strong financial position, helped by soaring Far East pork sales, attributed the first quarter sales boost to the dramatic shift towards in-home consumption from March, which ensured ‘exceptionally robust’ retail demand over the quarter.
This, together with increased poultry sales from the new Eye facility, which the company said continues to perform strongly, have comfortably offset lower food service revenue.
This positive performance has, to date, continued during the second quarter of the financial year, the company said in its first quarter trading update.
However, it predicted that following the exceptional demand experienced in the first quarter, retail volumes are expected to begin to normalise through the remainder of the year as consumers gradually return to eating out of home.
Cranswick CEO Adam Couch said: “Our teams across the business have responded brilliantly during these extraordinary and unparalleled times and I would like to thank them for their incredible support and hard work which has enabled us to continue to deliver premium food products with outstanding service to our customers,” he said.
“We have made a strong start to the 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.
“Our positive momentum reflects the continued investment we make across our asset base and the quality and capability of our colleagues across the business.”