DAVY VIEW

Against a challenging backdrop, Cranswick has delivered a very strong first-half performance, underpinned by the stay-at-home economic circumstance and strong demand for primary proteins. Like-for-like revenues grew by 17.3% (Q1 +19.2%, Q2 +15.4%), with all categories in growth – Poultry was the stand-out (+35%). Cash generation was robust and continues to offer balance sheet optionality – in the near-term, facilitating the expansion of the Eye poultry facility and the build-out of a new cooked bacon site for a QSR customer. We see upside risk to our forecasts.