Cranswick heats up on results and acquisition news

Shares in FTSE 250 food firm Cranswick (LON:CWK) climbed by 9.08% to 2,810p (as of 12:40 BST) after it published figures for the three months to 30th June. Management said that revenues were 1.5% ahead of last year’s strong comparatives, with a notable improvement in export sales to the far east.

The company also announced the acquisition of Katsouris Brothers, a specialist supplier of Mediterranean food products, for a net cash consideration of £43.5 million.

CEO Adam Couch commented: “We have made a positive start to the year and our capital investment programme, which is building a platform for future growth, remains firmly on track. We continue to make pleasing progress on the new Eye poultry facility and our new continental products facility in Bury is now performing strongly and in line with the original business case.

“I am delighted to announce the acquisition of Katsouris Brothers, a leading supplier of Continental and Mediterranean food products. This acquisition strengthens our existing continental products business and broadens our offering in a number of fast-growing, plant based, non-meat product categories.

“The family behind Katsouris Brothers has created long lasting and sustained relationships with suppliers and the business has a strong customer base. We look forward to building on this and continuing to invest in the facilities and the team, over the years ahead“.