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Equity Bottom-Up

<p>Cranswick’s FY20 results demonstrate its strength and agility and current trading confirms the company is well positioned despite the uncertainty posed by the COVID-19 pandemic and Brexit. Revenues were up 13.0% on a like-for-like basis, mainly driven by better price/mix, but with underlying volumes up 3.4%. Adjusted PBT was up 11.2% on the prior year and EPS up 8.4%. Net debt was £146.9m at year end, including IFRS 16 liabilities of £65.9m. The start to FY21 has been positive and hence the outlook remains unchanged. </p>

Cranswick’s FY20 results demonstrate its strength and agility and current trading confirms the company is well positioned despite the uncertainty posed by the COVID-19 pandemic and Brexit. Revenues were up 13.0% on a like-for-like basis, mainly driven by better price/mix, but with underlying volumes up 3.4%. Adjusted PBT was up 11.2% on the prior year and EPS up 8.4%. Net debt was £146.9m at year end, including IFRS 16 liabilities of £65.9m. The start to FY21 has been positive and hence the outlook remains unchanged. 

<p>Cranswick has witnessed a tougher start to the year, with more uncertain market conditions and softer pricing in key export markets. Capital investment behind the business continues apace, with the move to the new Continental Products facility during the period, and the construction of a new state-of-the-art poultry processing facility well underway.</p>

Cranswick has witnessed a tougher start to the year, with more uncertain market conditions and softer pricing in key export markets. Capital investment behind the business continues apace, with the move to the new Continental Products facility during the period, and the construction of a new state-of-the-art poultry processing facility well underway.

Cranswick - Softer H1 but fundamentals remain solid

United Kingdom

Tate & Lyle PLC is the holding company for an international group of companies which produces and markets ingredients and solutions for the food, beverage, industrials and agriculture industries around the world. The Company's range of products includes nutritive sweeteners, industrial starches, ethanol, acidulants and animal feed.

Premier Foods PLC manufactures a range of branded and proprietary products across many food categories.  The Company sells to retailers, food service operators, plant bakeries, and food processors in the United Kingdom and worldwide.

Hilton Food Group PLC. processes, packs, and distributes meat products to international food retailers.

M.P. Evans Group PLC, through its subsidiaries, operates oil palm and rubber plantations in Indonesia. The company produces crude palm oil and palm kernels. It is also involved in beef-cattle farming in Australia and the United Kingdom; property development and oil-palm fresh fruit bunches production businesses in Malaysia; and the provision of management and agronomic consultancy services. As of December 31, 2015, the company had interests in 25,400 hectares of oil-palm plantations in Indonesia; 7,400 hectares of associated smallholder co-operative schemes; 20,000 hectares oil-palm concession in South Sumatra; 70 hectares of plantation land in Peninsula Malaysia; and 8,100 hectares of oil-palm and rubber plantations in Sumatra, Indonesia. M. P. Evans Group PLC was incorporated in 1981 and is based in Tunbridge Wells, the United Kingdom.

Hotel Chocolat Group Plc manufactures, distributes, and retails premium chocolate and cocoa-related products under the Hotel Chocolat and ChocExpress brands in the United Kingdom, Europe, and the United States. It offers cocoa and chocolate-related items, and gifts, including drinking chocolate, biscuits, wines and spirits, cookery books, baking products, and beauty products containing cocoa butter. The company sells its products through a network of 84 shops, including 5 shop + caf� formats, 2 flagship sites, and 3 sites in Copenhagen, as well as through Chocolate Tasting Clubs and online. It also issues chocolate bonds; holds properties; operates restaurants; and sells corporate gifts in the business to business market. In addition, the company operates Boucan, a luxury boutique hotel that comprises 14 guest rooms, a spa, and a restaurant. The company was founded in 2013 and is headquartered in Royston, United Kingdom.

Devro PLC produces manufactured casings for the food industry.  The Company produces collagen-based products for manufacturers of sausages, salami, hams, and other cooked meats.

Anglo-Eastern Plantations plc is a Malaysian and Indonesian plantation operator. The Company produces rubber, palm oil and cocoa which it exports for sale in Asia.

Finsbury Food Group Plc, together with its subsidiaries, manufactures and sells a range of cakes, bread, and bakery snack products in the United Kingdom and internationally. The company offers cakes, such as party cakes, seasonal/festive cakes, premium cakes, kids? cakes, triple-layer cakes, loaf cakes, crumble cakes, tiffin, mini and giant rolls, roulades, rocky road, bag bites, and bite size snack tubs under the Thorntons, Nestl�, Disney and Marvel, and Weight Watchers brands; and specialty and organic bread products comprising bread/rolls, clean-label products, hand-crafted products, and buns and fruited breads under the Village Bakery, Vogel?s, and Cranks brands. It also sells third party products. The company supplies its products to multiple grocers under the retailers own brands and various licensed brands. Finsbury Food Group Plc is based in Cardiff, the United Kingdom.

Wynnstay Group Plc manufactures and supplies agricultural products in the United Kingdom. It operates through two segments, Agriculture and Specialist Retail. The Agriculture segment offers animal nutrition products to the agricultural market; and cereal and herbage seeds, and fertilizers to arable and grassland farmers, and wholesale customers, as well as trades in grains. The Specialty Retail segment offers specialty products for farmers, smallholders, and pet owners. This segment operates 51 rural retail stores under the Wynnstay Stores name, 23 specialist pet product stores under the Just for Pets name, and 4 small retail outlets, as well as online stores. It also manufactures equine and small animal feeds, as well as acts as a distributor of products to the equine market through wholesalers and retailers. The company was founded in 1917 and is headquartered in Llansantffraid-ym-Mechain, the United Kingdom.

Anpario plc, together with its subsidiaries, produces and distributes natural feed additives for animal health, hygiene, and nutrition worldwide. It offers acidifiers, enzymes, essential oils, pellet binders, antioxidants, mycotoxin binders, mould control products, and various nutritional premixes and performance enhancers for the poultry, pig, ruminant, and animal feed markets. The company also provides pheromone stimulant under the brand name of Aquatice; and growth promoters, immune enhancers, and pellet binders for both shrimp and fish. In addition, it offers Aquatice technology, which mimics chemical signals secreted or released by fish or crustacean that cause a specific response when detected by the same or related species. The company was founded in 1996 and is headquartered in Worksop, the United Kingdom.

Nisshin Seifun Group Inc. produces and sells flour, fodder, processed foods, and medicines. The Company offers specialized pasta sauce, frozen foods, and gourmet soup. Nisshin Seifun Group also markets pet foods.

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel.  The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

Seaboard Corporation is a diversified international agribusiness and transportation company that primarily produces and processes domestic pork and ships cargo.  The Company also merchandises commodities, mills flour and feed, farms produce, produces sugar, and generates electric power overseas.

NICHIREI CORPORATION produces and distributes frozen food, ice, and meat products.  The Company also provides a variety of cold storage services, as well as manages leasing business for buildings and parking garages.

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean, wheat, corn, and other grain products.  The Company also produces fertilizers and sells paper products.

Kewpie Corporation mainly produces and sells mayonnaise, salad dressing, egg products, and health foods.  The Company also purchases and sells jam, sauce, canned and frozen foods.  Kewpie sells canned foods under Aohata brand.

QL Resources Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and sells fishmeal, surimi, and surimi based products, distributes animal feed raw materials, animal health products, and layer farming, and cultivates oil palm and crude palm oil milling.

Cranswick plc manufactures and supplies food products to grocery retailers in the United Kingdom and the food service sector.  The Company supplies fresh pork, gourmet sausages, charcuterie, cooked meats, sandwiches, and dry cured bacon.

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Cranswick PLC (CWK LN)

Cranswick - Powering through

Cranswick’s FY20 results demonstrate its strength and agility and current trading confirms the company is well positioned despite the uncertainty...

Edison Investment Research

Cranswick - Softer H1 but fundamentals remain solid

Cranswick has witnessed a tougher start to the year, with more uncertain market conditions and softer pricing in key export markets. Capital...

Edison Investment Research

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