CRANSWICK plc: INTERIM RESULTS
Record investment driving strong earnings growth
25 November 2025
Cranswick plc (“Cranswick” or “the Company” or “the Group”), a leading UK food producer, today announces its unaudited results for the 26 weeks ended 27 September 2025.
| Financial highlights1: | H1 2025 | H1 2024 | Change |
| Revenue | £1,468.3m | £1,329.9m | +10.4% |
| Adjusted Group operating profit | £113.0m | £99.6m | +13.5% |
| Adjusted Group operating margin | 7.7% | 7.5% | +21bps |
| Adjusted profit before tax | £105.1m | £95.8m | +9.7% |
| Adjusted earnings per share | 144.4p | 132.1p | +9.3% |
| Return on capital employed3 | 18.2% | 18.7% | -51bps |
| Net debt (excluding IFRS 16) | £127.3m | £0.9m | +£126.4m |
| Interim dividend per share | 27.0p | 25.0p | +8.0% |
| Statutory measures: | H1 2025 | H1 2024 | Change |
| Group operating profit | £117.1m | £94.0m | +24.6% |
| Profit before tax | £109.2m | £90.2m | +21.1% |
| Earnings per share | 150.2p | 124.0p | +21.1% |
| Net debt (including IFRS 16) | £272.3m | £107.5m | +£164.8m |
Financial highlights:
- Strong volume-led revenue growth of 10.4% with like-for-like2 revenue 7.9% ahead
- Revenue growth across all categories underpinned by 7.0% volume growth in UK food business
- Poultry revenue up 18.5%, reflecting new business wins, and now represents 20.9% of Group reported revenue
- Gourmet Products revenue increased 15.9% with a strong contribution from Blakemans
- Pet Products revenue 13.6% ahead reflecting expansion of the Pets at Home relationship
- 21bps increase in adjusted operating margin to 7.7%, driven by the growth and strong performance of our integrated poultry supply chain, investment in process automation, excellent capacity utilisation and tight cost control
- Free cash conversion1 of 89.9%, with strong ROCE3 of 18.2% following record capital expenditure and acquisitions
- Net debt pre-IFRS 16 up from £0.9m to £127.3m reflecting record capital expenditure, the Blakemans acquisition and working capital expansion from new long-term strategic partnerships and strong Christmas stock build
- £360m refinancing completed providing generous headroom for future growth
- Outlook for the financial year ending 28 March 2026 remains in line with the Board’s expectations
Strategic highlights:
- Total capital spend of £89m with significant progress on pipeline of major capital projects
- £30m expansion of the two added-value Hull poultry sites now completed
- £25m Worsley houmous and dips facility fit out nearing completion with own label business now secured
- £13m investment in Eye throughput expansion ongoing
- £100m Hull pork primary processing site expansion progressing through initial phase
- £14m additional investment at the Lincoln pet food facility following newly secured premium business
- £25m spent on farming and feed milling during the period
- Fridaythorpe feed mill purchase completed on 19 September 2025, increasing pig feed self-sufficiency
- Blakemans and JSR Genetics integration well progressed with both businesses performing ahead of expectations
- Independent veterinarian review of pig farming operations now concluded with summary report published and recommendations now being actioned4
Adam Couch, Cranswick’s Chief Executive Officer, commented:
“Our positive start to the year continued through the second quarter, with strong volume-led revenue growth across all product categories driven by new business wins, a positive contribution from recent acquisitions, strengthened alignment to our key, long-standing retail partners and our unrelenting focus on quality, service and innovation across our premium added-value product ranges.
“Demand for our core pork and poultry categories remains robust, underpinned by their relative affordability and consumer preference for natural protein as part of a healthy, balanced diet. We are well placed to maintain the positive momentum generated during the period into the second half of the financial year as we build towards our peak Christmas trading period.
“We invested £89m in our industry-leading asset base during the period to provide the platform for further growth and to generate strong returns. This investment will expand capacity, drive automation and enhance operating efficiencies, allowing us to strengthen our capability to deliver premium, added-value products for our customers.
“We continue to invest at pace across our pig and poultry farming operations with £25m spent in the period to increase security of supply and transition to lower poultry stocking densities. The addition of the Fridaythorpe feed mill brings greater self-sufficiency in pig feed production for our northern pig farms, and we are delighted to welcome the full Fridaythorpe team to Cranswick.
“I would again like to thank our brilliant Cranswick colleagues for their continued support and commitment. Our continued positive progress is made possible by our industry-leading asset infrastructure, robust financial position and the unrivalled capability of our colleagues across the business. These strong foundations will allow Cranswick to continue to prosper both in the current financial year and over the long-term.”
- Adjusted and like-for-like references throughout this statement refer to non-IFRS measures or Alternative Performance Measures (‘APMs’).
- Like-for-like revenue references exclude the current year contribution from current and prior year acquisitions prior to the anniversary of their purchase.
- Return on capital employed is defined as adjusted operating profit divided by the sum of average opening and closing net assets, net debt/(funds), pension (surplus)/liability and deferred tax.
- Summary of Findings and Recommendations from the Independent Veterinarian Review of Cranswick’s Pig Farming Operations can be found here: www.cranswick.plc.uk/news