British meat producer Cranswick raised its annual forecast on Monday, betting strong UK demand for fresh pork and gourmet products would help offset a drag from weaker export volumes.
The company has been investing heavily in expanding production capacity and product lines to diversify revenue sources.
It recently moved into the pet foods business.
"The group has made a strong start to the year, with momentum continuing into the second quarter with demand remaining resilient in our core UK categories," Cranswick said in a statement.
First Quarter
Meanwhile, revenue rose 14.7% in the first quarter ended 24 June, from the same period last year.
The company said tightened pig supply in the UK following the Ukraine war pushed average pig prices up by 28% in the reported quarter.
"Cost inflation continues to be proactively managed and mitigated through tight cost control and ongoing recovery, albeit the rate of inflation is now starting to slow," the company said.
News by Reuters, edited by Donna Ahern, Checkout. For more A-brand news, click here. Click subscribe to sign up for the Checkout print edition.
