DAVY VIEW

Cranswick’s recent trading update underscores its solid performance throughout H1-25, prompting an upgraded outlook for FY25. We anticipate no major surprises in its H1-25 results (November 26th) and remain positive about the full year outcome. Looking ahead to FY26, while we expect additional cost pressures from higher labour and National Insurance (NI) costs following the recent UK Budget, we believe these impacts will be offset by gains in operating leverage, efficiency and strategic pricing adjustments.