Cranswick helped by boom in exports to Asia

Meat producer Cranswick said it has been buoyed by an increase in exports to Asia while the price of UK pigs has grown rapidly.

The company added that it is still on track to meet expectations, boosted by a strong demand for its poultry.

Far East export sales in the three months to the end of June were “well ahead” of where they were in the same period last year when China was in lockdown over Covid-19.

The UK pig price increased by 12% during the three months, Cranswick said on Monday.

The business increased the capacity at its poultry site in Eye, Suffolk, from 1.1 million to 1.4 million birds per week.

It also opened a new £20 million cooked bacon plant in Hull and is working on a breaded poultry facility in the city.

Chief executive Adam Couch said: “We have made a positive start to the year.

“Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy, and we continue to make meaningful progress in delivering our group-wide ‘Second Nature’ sustainability strategy.”

Earlier this week the company’s Science Based Target for climate change was validated.

It sets Cranswick in line with efforts to limit global warming to 1.5C above pre-industrial temperatures.

Cranswick plans to halve its emissions, and those that are produced when customers consume its products, by 2030 and will be net-zero a decade later, it said.

Mr Couch added: “The professionalism and commitment of our colleagues across the business is the foundation on which our successful performance is based, and as always I would like to thank them for their continued dedication and support.”

Shares in the company were trading up by around 2% on Monday morning.