**Summary of Cranswick PLC Interim Results for H1 2025**
Cranswick PLC, a leading UK food producer, reported strong interim results for the 26 weeks ended 27 September 2025, driven by record investment, robust demand, and strategic acquisitions. Key financial and operational highlights include
### **Financial Performance**
**Revenue Growth**Revenue increased by **10.4%** to **ยฃ1,468.3 million** (H1 2024: ยฃ1,329.9m), with like-for-like revenue up **7.9%**.
**Profitability**Adjusted Group operating profit rose **13.5%** to **ยฃ113.0 million**, with adjusted operating margin improving by **21bps** to **7.7%**.
**Earnings**Adjusted earnings per share grew **9.3%** to **144.4p** (H1 2024: 132.1p).
**Dividend**Interim dividend increased **8.0%** to **27.0p** per share.
**Net Debt**Net debt (excluding IFRS 16) rose to **ยฃ127.3 million** (H1 2024: ยฃ0.9m) due to record capital expenditure, acquisitions, and working capital expansion.
### **Operational Highlights**
**Volume-Led Growth**Strong volume growth across all categories, particularly in poultry (+18.5%), gourmet products (+15.9%), and pet products (+13.6%).
**Acquisitions**Integration of Blakemans and JSR Genetics progressing well, with both businesses performing ahead of expectations.
**Capital Investment**Total capital spend of **ยฃ89 million** on major projects, including expansions in poultry, houmous, and pork processing facilities.
**Sustainability**Continued investment in pig and poultry farming operations to enhance supply security and animal welfare standards.
### **Strategic Progress**
**Refinancing**Completed a **ยฃ360 million** refinancing, providing headroom for future growth.
**Animal Welfare**Independent veterinarian review of pig farming operations concluded, with recommendations being actioned.
**Outlook**The Board remains confident in the outlook for the financial year ending 28 March 2026, despite ongoing market and economic challenges.
### **CEO Commentary**
Adam Couch, CEO, highlighted the companyโs focus on quality, innovation, and long-term partnerships, emphasizing strong demand for core pork and poultry products. He also underscored the importance of strategic investments in capacity, automation, and sustainability to drive future growth.
### **Conclusion**
Cranswick PLC delivered a robust first half, underpinned by strong operational performance, strategic investments, and accretive acquisitions. The company remains well-positioned to capitalize on market opportunities while maintaining its focus on sustainability and long-term value creation.
Hereโs an HTML table comparing the financials and debt year on year for Cranswick PLC based on the provided text:
### Key Observations:
1. **Revenue Growth**: Revenue increased by 10.4% from H1 2024 to H1 2025, driven by strong volume-led growth across all product categories.
2. **Profitability**: Adjusted Group Operating Profit and Adjusted Profit Before Tax both saw significant increases, reflecting improved operational efficiency and cost control.
3. **Debt Levels**: Net debt (excluding IFRS 16) rose sharply from ยฃ0.9m to ยฃ127.3m, primarily due to record capital expenditure, acquisitions, and working capital expansion. Including IFRS 16, net debt increased to ยฃ272.3m.
4. **Dividend Growth**: The interim dividend per share increased by 8.0%, reflecting the company's confidence in its financial performance. This table provides a clear comparison of key financial metrics and debt levels between H1 2024 and H1 2025 for Cranswick PLC.