Friday 17 January 2020 11:08 am

Cranswick upgrades profit as African Swine Fever boosts UK exports

British butchers Cranswick said this morning that its full-year profit will beat expectations after export sales soared due to African Swine Fever. 

The company said “export sales have continued to be exceptionally strong”, as an outbreak of African Swine Fever in China has seen the demand for British pork rise. 

“African Swine Fever has created opportunities for Far Eastern exports, assuming the UK remains African Swine Fever free,” the firm said in an unscheduled trading statement this morning. 

“The UK industry remains on high alert with intensive biosecurity protocols in place.”

Cranswick added that it delivered a “robust performance” during the Christmas trading period, and that revenue growth was positive across the group’s four product categories. 

The company is “ramping up” plans to commission a £75m primary poultry processing facility in Suffolk, saying the process is going according to plan. 

During the third quarter the firm has also accelerated investment in to its pig farming operations through the acquisition of Packington Pork. 

Net debt is expected to increase during the period, to reflect a seasonal uplift in working capital, its investment programme and the Packington Pork deal. 

In a statement the company said: “The board is  confident that continued focus on the strengths of the company, which include its long standing customer relationships, breadth and quality of products, robust financial position and industry leading asset infrastructure, will support the further successful development of the group over the long term.”