Cranswick plc says its revenue in the three months to June 30 this year was 11% ahead of the same period in 2015, driven by strong volume growth.
Underlying revenue, excluding the firmโs poultry acquisitions and pig breeding operation, was 5% higher than April to June 2015, with corresponding volumes up 12%.
Export volumes to Far Eastern markets in the first quarter of 2016/17 were 60% ahead of the same period last year, reflecting both ongoing robust demand from the region and increased output from the Cranswickโs two primary processing facilities.
Despite spending ยฃ39 million to acquire Crown Chicken during the quarter, Cranswickโs net debt at the end of June was only ยฃ4 million more than three months earlier at ยฃ22 million. The company still has unsecured loan facilities of ยฃ120 million if required.
The company also announced it had sold its sandwich business, The Sandwich Factory Holdings Limited, to Greencore plc for ยฃ15 million cash. In the year to March 31, 2016, the sandwich business generated revenues of ยฃ54 million, but Cranswick chief executive Adam Couch said the sale was in line with the businessโ strategy of focusing on its core protein businesses.