DAVY VIEW

Mobility restrictions are driving an increase in scratch cooking across all dayparts and consumer demand for primary proteins. Cranswick’s B2B retail model enables it to capitalise on this backdrop, while the African Swine Fever (ASF) situation in China continues to underpin exports. Like-for-like revenues of +19.2% in Q1 is an outlier across our coverage and reflects double-digit growth across all categories. While volumes are anticipated to normalise through FY21, profits are now expected to be ahead of expectations. We will nudge up our FY21 adjusted profit by c.3%.