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Nov 22 2022, 08:55 GMT
Cranswick plc
Good start to the year against a challenging backdrop; full-year guidance reiterated
- Sectors : Foods
- Companies : Cranswick plc
DAVY VIEW
Cranswick has delivered a resilient H1 performance, with double-digit top-line growth and modestly lower operating profit (c.3% higher adjusting for non-recurring items). Q2 implied growth of 15.6% marks an acceleration from the Q1 stage, underpinned by strong pricing momentum and cost recovery and a modest improvement in underlying volumes (flat H1). Management has reiterated full-year guidance, which in the current environment is a good result. We will hold our operating profit forecast unchanged (£143.8m), noting modestly higher revenues and interest costs.
