DAVY VIEW

Cranswick’s Q3 trading update highlights continued growth through the Christmas period. High-single-digit volume growth was underpinned by strong retail channel demand and complemented by solid operational execution. The Board’s outlook for FY21 is now ahead of earlier expectations and consequently we will increase our FY21 and FY22 adjusted profit forecasts by 7% and 9% respectively. This performance is an outlier across our coverage. With earnings momentum, further growth levers to accrue from March and a strong balance sheet, we continue to recommend the shares.