Cranswick signs deal with Pets at Home following solid annual results

Cranswick plc (LON: CWK) ended more than 5.0% up on Tuesday after reporting strong results for its fiscal 2023.

Pre-tax profit went up 8.5% to £139.5 million ($173.5 million)
Adjusted profit before tax also climbed 2.0% to £140.1 million
Revenue jumped 15% on a year-over-year basis to £2.32 billion
Proposed 79.4 pence a share of full-year dividend (5.0% increase)

Cranswick plc attributed the strength in its annual performance to accelerated growth in the back half of the year due in part to higher prices and easing cost pressures.

The food company confirmed that the start to its fiscal 2024 had been positive as well and that its balance sheet was strong enough to support a £9.0 million planned investment into its Lincolnshire pet food facility to boost growth.

Also on Tuesday, Cranswick plc announced a new deal with Pets at Home – a Handforth-based pet supplies retailer.

The agreement will see it initially supply Wainwrights and Step Up to Naturals dry dog food from its Lincolnshire facility to Pets at Home. According to Jim Brisby – the Chief Commercial Officer of Cranswick:

This agreement cements our strategic ambition to grow our share in the pet food business and represents a significant growth opportunity for the group.

Cranswick will start supplying the retailer in the back half of the current year. At writing, the U.K. stock is up nearly 15% versus its year-to-date low.