Strong UK performance serves up sizzling sales for sausage-maker Cranswick
Food giant Cranswick has churned out a 27% rise in first quarter sales, helped by a strong performance in the UK.
The sausage-maker said that on a like-for-like basis, revenue jumped 21% in the three months to June 30, driven by robust domestic volume growth.
All product categories contributed positively, and with the strong momentum expected to continue, the FTSE-250 firm reiterated its confidence of hitting its full year targets.
Cranswick, like other British manufacturers, has been grappling with rising input costs triggered by sterling's collapse since last year's Brexit vote.
The group said that it had managed to "partially mitigate" these higher costs.
It added that it plans to continue investing in its pork processing facilities in Preston, near Hull, and at its recently acquired Ballymena site in Northern Ireland, in a bid to drive "further operating efficiencies".
"With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board is confident in both the outlook for the current financial year, which remains unchanged, and the continued long-term success and development of the business," Cranswick said in a statement.
Shares rose over 3% in morning trading to 2,941p.