LONDON (dpa-AFX) - UK food producer Cranswick plc (CWK.L), on Monday, issued trading update for the 13 weeks to 25 June 2022, and reported 7.6% revenue growth for the period.
Excluding the contribution from acquisitions made in the prior year, revenue on a like-for-like basis was 5.8%, with strong growth in its core UK market partly offset by expected lower export revenue.
The company noted that the UK revenue across all four food product categories was ahead year-on-year. Substantial and widespread cost inflation continues to be proactively managed and mitigated through tight cost control and ongoing recovery.
Further, net debt was moderately higher than the March 2022 year end position, reflecting the Group's ongoing capital investment programme and the impact of inflation on both biological assets and net working capital, the company stated. The Group remains in a robust financial position with committed, unsecured facilities of £250 million providing comfortable headroom.
The outlook for the current financial year remains in line with the Board's expectations.
Adam Couch, CEO of Cranswick, said, 'We have made a positive start to the year notwithstanding the challenging operating conditions we continue to experience. Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our Group-wide 'Second Nature' sustainability strategy...'
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