Cranswick (LSE:CWK) reported adjusted profit before tax of £220.0 million for the 52 weeks ended 28 March, an 11.2% increase versus the prior year.
Revenue rose 9.5% to £2,982.5 million with like‑for‑like sales up 6.8%, adjusted operating profit grew 14.5% to £237.0 million and adjusted EPS increased 10.4% to 301.7p, with an adjusted operating margin of 7.9% (up 35 basis points).
"We have continued to invest with conviction across our industry‑leading asset base, farming operations and in complementary acquisitions, strengthening capability, expanding capacity and creating further headroom for sustainable growth," Adam Couch, Chief Executive, said.
UK food revenue grew 9.4% driven by volumes up 8.3% and strong Christmas trading while poultry revenue rose 13.9% to represent 20.3% of Group sales, gourmet products were up 15.3% and pet products rose 29.8% as the Pets at Home relationship expanded.
Cash generation was strong with free cash conversion of 120.6% and cash from operations of £322.3 million, net debt excluding IFRS 16 was £65.0 million (Net debt/Adjusted EBITDA 0.2x) and the Group has an unsecured £360 million facility to July 2029.
The Board proposed a final dividend of 85.5p per share, taking total dividends to 112.5p (up 11.4%), and the Group invested a record £163 million during the year, taking five‑year investment to over £560 million.
Cranswick said Blakemans and JSR Genetics continue to perform ahead of expectations, it has committed a further £56 million to increase Eye fresh poultry capacity by 25% by summer 2027, and trading in the early part of the current financial year is in line with Board expectations while the Group monitors developments in the Middle East.
