DAVY VIEW

Cranswick’s full-year results reflect a strong outturn across all four product categories, with a notable performance in its export business underpinned by the African Swine Fever (ASF) crisis in the Far East. Domestic retail trading has been robust through COVID-19, while export volumes continue to be strong (though pricing softening). The new poultry facility at Eye is near full capacity and will take the baton of growth through FY 2021. Cranswick is well positioned in a challenging market, with its balance sheet offering strategic optionality. We will nudge up our FY 2021 forecasts, noting upside risk.