CRANSWICK plc: PRELIMINARY RESULTS
Strong strategic and financial progress driven by disciplined investment and operational excellence
19 May 2026
Cranswick plc (“Cranswick” or “the Company” or “the Group”), a leading UK food producer, today announces its audited preliminary results for the 52 weeks ended 28 March 2026.
| Financial summary1: | 2026 | 2025 | Change |
| Revenue | £2,982.5m | £2,723.3m | +9.5% |
| Adjusted Group operating profit | £237.0m | £206.9m | +14.5% |
| Adjusted Group operating margin | 7.9% | 7.6% | +35bps |
| Adjusted profit before tax | £220.0m | £197.9m | +11.2% |
| Adjusted earnings per share | 301.7p | 273.4p | +10.4% |
| Return on capital employed2 | 18.5% | 18.5% | -9bps |
| Net debt (excluding IFRS 16) | £65.0m | £39.7m | £25.3m |
| Dividend per share | 112.5p | 101.0p | +11.4% |
| Statutory measures: | 2026 | 2025 | Change |
| Group operating profit | £232.8m | £190.6m | +22.1% |
| Profit before tax | £215.8m | £181.6m | +18.8% |
| Earnings per share | 295.9p | 250.5p | +18.1% |
Financial highlights: |
· Strong revenue growth of 9.5% with like-for-like3 revenue 6.8% ahead:
o UK food revenue grew 9.4% underpinned by strong volume growth of 8.3% and record Christmas trading
o Poultry revenue up 13.9% and now represents 20.3% of reported Group revenue
o Gourmet Products revenue increased 15.3% with a strong contribution from Blakemans
o Pet Products revenue 29.8% ahead reflecting expansion of the Pets at Home relationship
· Adjusted operating margin increased by 35bps to 7.9%, driven by the performance of our integrated poultry supply chain, investment in automation, operational leverage, excellent capacity utilisation and disciplined cost control
· Free cash conversion1 of 120.6%, reflecting record cash generated from operations of £322.3m
· ROCE3 remained strong at 18.5% on record investment
· Net debt (excluding IFRS 16) of £65.0m with Net debt (excluding IFRS 16)/Adjusted EBITDA just 0.2x
· Performance across all financial measures well ahead of medium-term targets
| Strategic highlights: |
· Strong operational performance underpinned by an unrelenting focus on quality, service and innovation
· Long-term fresh and added-value poultry supply agreement extended with anchor strategic retail partner
· £56m committed to increase capacity at the Eye fresh poultry facility by a further 25% by summer 2027
· Record £163m invested across the business, bringing the total invested to more than £560m over the past 5 years
· Strong progress across pipeline of major capital projects:
o £30m expansion of the two added-value Hull poultry sites and £27m Worsley houmous facility fit out complete
o £100m investment in flagship Hull pork primary processing site progressing well; the new highly automated onsite cold store facility now fully operational
o £40m spent on farming and feed milling to expand and strengthen our integrated supply chain
· Blakemans and JSR Genetics acquisitions continue to perform ahead of initial expectations
Adam Couch, Cranswick’s Chief Executive Officer, commented:
“Cranswick has delivered another year of strong strategic and financial progress, reflecting our proven business model and the disciplined execution of our long-term priorities. We have continued to invest with conviction across our industry-leading asset base, farming operations and in complementary acquisitions, strengthening capability, expanding capacity and creating further headroom for sustainable growth.
“Our performance reflects the enduring strength of our customer relationships, the quality and scale of our asset base and the increasing competitive advantage of our vertically integrated supply chain. Across our core categories, demand for our products remains strong, supported by close alignment with our strategic retail partners and a consistent focus on quality, service and innovation.
“Above all, our performance reflects the commitment and expertise of our colleagues across the Group. Their focus on quality, service and operational excellence continues to distinguish Cranswick in the markets we serve, and I would like to thank them for their outstanding contribution during the year.
“As we enter the new financial year, I am encouraged by the continued development of the business and the robust demand for our product ranges. The range of growth opportunities available to the Group continues to expand and we remain well positioned to deliver on our strategy.
“Trading in the early part of the current financial year has been in line with the Board’s expectations. At the same time, the conflict in the Middle East remains an evolving situation and we continue to monitor potential implications for our supply chains. We remain mindful of the potential for disruption arising from prevailing economic and geopolitical conditions.
“Looking ahead, the strengths of the business, which include its diverse and longstanding customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure will support the further development of Cranswick in the current financial year and over the longer-term.”
| 1 | Adjusted and like-for-like references throughout this statement refer to non-IFRS measures or Alternative Performance Measures (‘APMs’). Definitions and reconciliations of the APMs to IFRS measures are provided in Note 10. |
| 2 | Return on capital employed is defined as adjusted operating profit divided by the sum of average opening and closing net assets, net debt, pension surplus/(liability) and deferred tax. |
| 3 | Like-for-like revenue references exclude the current year contribution from current and prior year acquisitions prior to the anniversary of their purchase. |
Presentation
A presentation of the results will be made to analysts and institutional investors today at 10.00am (UK time). Analysts and institutional investors will also be able to join the presentation via a conference call facility. The slides will be made available on the Company website. For the dial-in details please contact Sodali & Co on the details below.
Enquiries:
Cranswick plc
Mark Bottomley, Chief Financial Officer +44 1482 275 000
Sodali & Co
Ben Foster / Louisa Henry +44 207 100 6451