27^th July 2026

Cranswick plc

("Cranswick" or "the Company" or "the Group")

First quarter trading statement

Cranswick, a leading UK food producer, today provides an update on trading for the 13 weeks to 27 June 2026.

Current trading

The Group has made a positive start to the current financial year.

Reported revenue in the 13 weeks to 27 June 2026 was 5.5% ahead of the same period last year driven by strong volume growth of 8.2%. 

Like-for-like¹ revenue was 4.0% higher than the same period last year, with corresponding volumes up 6.4%, as the benefit of lower input prices was passed onto the Group's customers.  Growth reflected robust demand across our core product portfolio, driven by the UK consumers' growing prioritisation of a healthy, protein rich and nutritionally balanced diet.

Poultry revenue grew strongly driven by continued strong retail demand for Fresh Poultry, facilitated by capacity expansion at the Eye site, and the onboarding of premium retail business at the Cooked and Prepared Poultry sites.

Domestic Fresh Pork revenue was ahead of the prior year period, underpinned by double digit retail volume growth.  Export revenue was lower year on year, reflecting subdued demand from China and other global markets and certain products being redirected into the UK wholesale trade.

Convenience and Gourmet Products revenues were up year-on-year with particularly strong houmous and dips revenue growth following new retail listings at the Worsley facility.  Pet Products revenue was well ahead of the same period last year, reflecting the ongoing expansion of our relationship with Pets at Home.

Investment

We continue to invest at pace across our asset base to support future growth and drive further operating efficiencies.  Delivery of major capital projects is progressing in line with expectations, including the further 25% increase in capacity at the Eye fresh poultry facility and the multi-phased expansion of the flagship Hull pork primary processing site.

During the period we formed a joint venture partnership with the founders and existing management of The Jolly Hog Group Limited.  Brothers Max, Olly and Josh Kohn will continue to be responsible for leading the brand.  The Jolly Hog supplies a premium range of sausage, bacon, cooked meats and other complementary products.  The Bristol-based business has a strong presence in retail and food service channels.

Financial position

Strong cash generation during the period resulted in net debt at the quarter end being in line with the March 2026 year end position, notwithstanding the continued investment across our industry leading asset base.  The Group remains in a robust financial position with committed, unsecured facilities of £360 million providing comfortable headroom.

Outlook

We have made a positive start to the year, delivering strong, volume-led revenue growth, and investment continues at pace across our asset base.  Whilst we remain mindful of the potential for disruption arising from conflict in the Middle East and the changing domestic political landscape, our outlook for the current financial year ending 27 March 2027, remains in line with current market expectations².

The Board remains confident that continued focus on the strengths of the business, which include its diverse and longstanding customer base, breadth and quality of products, robust financial position and industry leading asset base will support the further successful development of Cranswick during the current year and over the longer term.

Adam Couch, CEO of Cranswick, commented:

"We have made a positive start to the year, delivering volume-led revenue growth across the business.  We continue to support our strategic partners by providing excellent service levels, alongside unrivalled product quality and innovation. 

"Our poultry business is growing strongly and the significant investment we are making in our Eye facility will create the headroom for further expansion in this exciting category.

"Our continued compounding growth reflects the increasing competitive advantage of our vertically integrated supply chain and record capital deployment across our asset base to increase capacity, add capability, drive efficiencies and deliver strong returns."

Interim results

The Company's next scheduled comment on trading will be the interim results announcement for the 26 weeks ending 26 September 2026, on Tuesday 24 November 2026.

Enquiries:

Notes:

1.     Like-for-like revenue references excludes the current year contribution from current and prior year acquisitions prior to the anniversary of their purchase.

2.     Market expectations for adjusted profit before tax as at 24th July 2026 range between £230.0m and £243.0m, with an average of £234.3m.  The range reflects all published updated Broker analysis following release of our year end results on 19 May 2026.

3.     Cranswick is a leading and innovative producer and supplier of premium food products to UK grocery retailers, the food service sector and other UK and global food producers.  Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business which produces a range of high-quality, predominantly fresh food, including fresh pork, poultry, convenience, gourmet products and pet food.  Producing great food is not just about taste but about understanding and respecting our agricultural supply chain while appreciating the contribution from each complementary stage of our farm-to-fork journey.  Our highly vertically integrated model and industry leading asset base provides end-to-end visibility, security of supply and enables us to add value at every stage.  Results for the 52 weeks to 28 March 2026 showed revenue of £2,982.5m and profit before tax of £215.8m.  For more information go to: www.cranswick.plc.uk

4.     At Cranswick, it is second nature for us to protect and nurture our environment while supporting people and communities to thrive.  Guided by our sustainability strategy, Second Nature, we have seamlessly integrated our sustainability commitments into the core of our business model, which in turn shapes our decision-making, culture, and actions.  For more information on our Second Nature strategy, please visit: www.cranswick.plc.uk/sustainability

5.     This announcement is based on information sourced from unaudited management accounts.

6.     This announcement contains certain forward looking statements.  By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by those statements.  Forward looking statements regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future.  Accordingly undue reliance should not be placed on forward looking statements.