Preliminary Results

Summary by AI ^BETAClose X

Cranswick plc reported strong financial results for the 52 weeks ended 28 March 2026, with revenue increasing by 9.5% to £2,982.5 million and adjusted operating profit rising by 14.5% to £237.0 million, leading to an improved adjusted operating margin of 7.9%. Adjusted profit before tax grew by 11.2% to £220.0 million, and adjusted earnings per share increased by 10.4% to 301.7 pence. The company also proposed a final dividend of 85.5 pence per share, a 12.5% increase, bringing the total dividend to 112.5 pence per share, marking 36 consecutive years of dividend growth. Significant capital investment of £163 million was made across the business, with a focus on expanding capacity and enhancing operational efficiency.

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Cranswick PLC

19 May 2026

P1#yIS1

CRANSWICK plc: PRELIMINARY RESULTS

Strong strategic and financial progress driven by disciplined investment and operational excellence

19 May 2026

Cranswick plc ("Cranswick" or "the Company" or "the Group"), a leading UK food producer, today announces its audited preliminary results for the 52 weeks ended 28 March 2026.

Financial summary¹:	2026	2025	Change
Revenue	£2,982.5m	£2,723.3m	+9.5%
Adjusted Group operating profit	£237.0m	£206.9m	+14.5%
Adjusted Group operating margin	7.9%	7.6%	+35bps
Adjusted profit before tax	£220.0m	£197.9m	+11.2%
Adjusted earnings per share	301.7p	273.4p	+10.4%
Return on capital employed²	18.5%	18.5%	-9bps
Net debt (excluding IFRS 16)	£65.0m	£39.7m	£25.3m
Dividend per share	112.5p	101.0p	+11.4%

Statutory measures:	2026	2025	Change
Group operating profit	£232.8m	£190.6m	+22.1%
Profit before tax	£215.8m	£181.6m	+18.8%
Earnings per share	295.9p	250.5p	+18.1%

Financial highlights:

· Strong revenue growth of 9.5% with like-for-like³ revenue 6.8% ahead:

o UK food revenue grew 9.4% underpinned by strong volume growth of 8.3% and record Christmas trading

o Poultry revenue up 13.9% and now represents 20.3% of reported Group revenue

o Gourmet Products revenue increased 15.3% with a strong contribution from Blakemans

o Pet Products revenue 29.8% ahead reflecting expansion of the Pets at Home relationship

· Adjusted operating margin increased by 35bps to 7.9%, driven by the performance of our integrated poultry supply chain, investment in automation, operational leverage, excellent capacity utilisation and disciplined cost control

· Free cash conversion¹ of 120.6%, reflecting record cash generated from operations of £322.3m

· ROCE³ remained strong at 18.5% on record investment

· Net debt (excluding IFRS 16) of £65.0m with Net debt (excluding IFRS 16)/Adjusted EBITDA just 0.2x

· Performance across all financial measures well ahead of medium-term targets

Strategic highlights:

· Strong operational performance underpinned by an unrelenting focus on quality, service and innovation

· Long-term fresh and added-value poultry supply agreement extended with anchor strategic retail partner

· £56m committed to increase capacity at the Eye fresh poultry facility by a further 25% by summer 2027

· Record £163m invested across the business, bringing the total invested to more than £560m over the past 5 years

· Strong progress across pipeline of major capital projects:

o £30m expansion of the two added-value Hull poultry sites and £27m Worsley houmous facility fit out complete

o £100m investment in flagship Hull pork primary processing site progressing well; the new highly automated onsite cold store facility now fully operational

o £40m spent on farming and feed milling to expand and strengthen our integrated supply chain

· Blakemans and JSR Genetics acquisitions continue to perform ahead of initial expectations

Adam Couch, Cranswick's Chief Executive Officer, commented:

"Cranswick has delivered another year of strong strategic and financial progress, reflecting our proven business model and the disciplined execution of our long-term priorities. We have continued to invest with conviction across our industry-leading asset base, farming operations and in complementary acquisitions, strengthening capability, expanding capacity and creating further headroom for sustainable growth.

"Our performance reflects the enduring strength of our customer relationships, the quality and scale of our asset base and the increasing competitive advantage of our vertically integrated supply chain. Across our core categories, demand for our products remains strong, supported by close alignment with our strategic retail partners and a consistent focus on quality, service and innovation.

"Above all, our performance reflects the commitment and expertise of our colleagues across the Group. Their focus on quality, service and operational excellence continues to distinguish Cranswick in the markets we serve, and I would like to thank them for their outstanding contribution during the year.

"As we enter the new financial year, I am encouraged by the continued development of the business and the robust demand for our product ranges. The range of growth opportunities available to the Group continues to expand and we remain well positioned to deliver on our strategy.

"Trading in the early part of the current financial year has been in line with the Board's expectations. At the same time, the conflict in the Middle East remains an evolving situation and we continue to monitor potential implications for our supply chains. We remain mindful of the potential for disruption arising from prevailing economic and geopolitical conditions.

"Looking ahead, the strengths of the business, which include its diverse and longstanding customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure will support the further development of Cranswick in the current financial year and over the longer-term."

1	Adjusted and like-for-like references throughout this statement refer to non-IFRS measures or Alternative Performance Measures ('APMs'). Definitions and reconciliations of the APMs to IFRS measures are provided in Note 10.
2	Return on capital employed is defined as adjusted operating profit divided by the sum of average opening and closing net assets, net debt, pension surplus/(liability) and deferred tax.
3	Like-for-like revenue references exclude the current year contribution from current and prior year acquisitions prior to the anniversary of their purchase.

Presentation

A presentation of the results will be made to analysts and institutional investors today at 10.00am (UK time). Analysts and institutional investors will also be able to join the presentation via a conference call facility. The slides will be made available on the Company website. For the dial-in details please contact Sodali & Co on the details below.

Enquiries:

Cranswick plc

Mark Bottomley, Chief Financial Officer +44 1482 275 000

Sodali & Co

Ben Foster / Louisa Henry +44 207 100 6451

cranswick@sodali.com

Note to Editors:

1. Cranswick is a leading and innovative supplier of premium, fresh and added-value food products. The business employs over 16,000 people and operates from 23 well-invested, highly efficient facilities in the UK. Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business which produces a range of high-quality, predominantly fresh food, including fresh pork, poultry, convenience, gourmet products and pet food. The business develops innovative, great tasting food products to the highest standards of food safety and traceability. The Group supplies the major grocery multiples as well as the growing premium and discounter retail channels. Cranswick also has a strong presence in the 'food-to-go' sector and a substantial export business. For more information go to: www.cranswick.plc.uk

2. At Cranswick, it is second nature for us to protect and nurture our environment while supporting people and communities to thrive. Guided by our sustainability strategy, Second Nature, we have seamlessly integrated our sustainability commitments into the core of our business model, which in turn shapes our decision-making, culture, and actions. For more information on our Second Nature strategy, please visit: www.cranswick.plc.uk/sustainability

Chairman's Statement

During the year, we continued to strengthen our competitive position through the disciplined execution of our strategy. We delivered strong compound growth and record results, supporting an increase in the dividend for the 36^th consecutive year. We invested a record £163 million in our industry-leading asset base, accelerating the pace of investment to generate attractive returns.

The effective delivery of our strategy is underpinned by the depth of experience across the management team. Their sustained focus on operational excellence for our strategic partners, together with the rigorous execution of our investment programme, has supported the Group's long-term performance. On behalf of the Board, I would like to thank colleagues across the business for their continued commitment and contribution to these results.

The management team continues to identify opportunities to expand fresh poultry capacity at our existing Eye facility in Suffolk. Following the completion of the next phase of investment that we are announcing today, we will have the capacity to process almost double the number of birds each week, compared to the expectation for the site when it was commissioned in late 2019. We are continuing our search for a suitable location for a second fresh poultry facility and we remain confident that, in due course, we will materially increase our fresh poultry processing capacity.

During the year, we successfully transitioned our poultry rearing operations to higher-welfare, lower stocking densities. This industry-wide change has constrained the supply of British chicken. Alongside growing consumer demand, this has contributed to increased imports.

If domestic supply does not keep pace with growth in consumer demand, the UK will become increasingly reliant on imported food. This has implications for quality standards and food system resilience at a time of ongoing disruption across global supply chains and heightened geopolitical uncertainty. A more supportive UK planning framework would reduce barriers to investment and increase confidence across the UK food production industry, supporting employment and food security.

Our portfolio is well aligned to the increasing consumer preferences for protein and nutrient-dense products, supported by a growing focus on nutritionally balanced, calorie‑conscious diets. Demand for our core pork and poultry ranges remains strong. Teams across the business are working closely with our strategic retail partners to support this demand through continued product innovation and premiumisation.

We have continued to strengthen our long-standing relationships with strategic retail partners. During the year, we secured new business and extended the duration of supply agreements across our core pork and poultry operations, as well as our Mediterranean and pet food ranges. This strategic focus continues to deliver strong performance, supported by premium own-label ranges that are growing ahead of the market. Innovation in healthy ranges, together with strong value propositions, is reinforcing this consumer trend.

Our Second Nature commitments are a key focus across the Group. It is a significant milestone that our Gourmet Sausage facility has become the Group's first zero operational carbon emissions site. We expect further progress in reducing our carbon footprint as we continue to invest to improve sustainability across our asset base.

We are committed to investing across our pork and poultry farming operations and processing facilities to expand capacity and meet the requirements of our strategic retail partners. Increasing the pace of investment will enhance the quality of our asset base, strengthen capability, improve operating efficiency and further extend our competitive advantage.

We remain focused on delivering leading standards of quality, innovation and service for customers and generating attractive returns for our Shareholders. Our integrated supply chain, the quality of our asset base and the strength of our balance sheet, position the Group well to improve security of supply to our strategic partners, benefiting UK consumers.

Results
Total revenue for the 52 weeks to 28 March 2026 was £2,982.5 million, representing an increase of 9.5 per cent versus the prior year. Like-for-like revenue increased by 6.8 per cent.

Adjusted profit before tax for the period was £220.0 million, an increase of 11.2 per cent compared with the prior year. Adjusted earnings per share increased by 10.4 per cent to 301.7 pence.

Cash flow and financial position

At year end, net debt was £240.8 million (2025: £172.4 million). Net debt, excluding IFRS 16 lease liabilities, increased to £65.0 million (2025: £39.7 million). The Group has access to an unsecured £360 million facility, which runs to July 2029.

Dividend
The Board is proposing a final dividend of 85.5 pence per share, an increase of 12.5 per cent on the 76.0 pence paid last year. Together with the interim dividend of 27.0 pence per share, this brings the total dividend for the year to 112.5 pence per share, an increase of 11.4 per cent, extending the period of consecutive annual dividend growth to 36 years.

Subject to Shareholder approval, the final dividend will be paid on 28 August 2026 to Shareholders on the register at the close of business on 17 July 2026. Shares will trade ex-dividend from 16 July 2026.

Board effectiveness

We have continued to evolve the Board to ensure it provides effective support and appropriate challenge to the executive team. During the year, the triennial independent Board effectiveness review highlighted the good balance of challenge and support the Board provides to management. The review concluded that the Board operates in a collaborative manner, with a values-led focus on performance and growth.

Reflecting the evolving sustainability reporting landscape, the Board approved several changes to the composition and operation of the ESG Committee during the year. At the year end, the role of ESG Committee Chair transitioned from me to Liz Barber, our Senior Independent Director, and responsibility for ESG reporting will transfer to the Audit Committee. This change aligns oversight of sustainability disclosures with the Audit Committee's existing responsibilities for financial reporting, internal control and external assurance.

Tribute to Jim Bloom

It is with great sadness that we mark the passing of Jim Bloom, one of Cranswick's founding farmers and a former Chairman. Jim played a pivotal role in the formation and development of the business and served as Chairman for more than 13 years until his retirement in 2004. 2025 marked Cranswick's 50^th anniversary. Jim helped shape the foundations of this legacy and his influence is clear in the strength of the business today. He will be greatly missed.

Tim J Smith CBE

Chairman

19 May 2026

Chief Executive's Review

Cranswick has delivered another year of strong strategic and financial progress, reflecting our proven business model and the disciplined execution of our long-term priorities. We have continued to invest with conviction across our industry-leading asset base, farming operations and in complementary acquisitions, strengthening capability, expanding capacity and creating further headroom for sustainable growth.

Our performance reflects the enduring strength of our customer relationships, the quality and scale of our asset base and the increasing advantage of our vertically integrated supply chain. Above all, it reflects the commitment and expertise of our colleagues across the Group. Their focus on quality, service and operational excellence continues to distinguish Cranswick in the markets we serve, and I would like to thank them for their outstanding contribution during the year.

Strong compound growth and financial performance

We again delivered record results, with reported revenue increasing by 9.5 per cent to £2,982.5 million and adjusted operating profit increasing by 14.5 per cent to £237.0 million. Operating margin improved by 35 basis points to 7.9 per cent, reflecting the benefits of scale, disciplined execution and the strong performance of our integrated poultry supply chain, supported by investment in automation, excellent capacity utilisation and continued cost control. Adjusted earnings per share increased by 10.4 per cent to 301.7 pence.

Net debt on a pre‑IFRS 16 basis increased from £39.7 million to £65.0 million, principally reflecting record capital investment during the year and the acquisition of Blakemans. The Group nevertheless retains a strong balance sheet and significant financial flexibility. Return on capital employed of 18.5 per cent underlines the attractive returns we continue to generate through disciplined capital allocation.

We are proposing to increase the full year dividend by 11.4 per cent. This would mark our 36^th consecutive year of dividend growth and reflects our continued confidence in the Group's prospects, cash generation and long-term growth model. Over the last ten years, we have on average grown revenue, adjusted profit, adjusted earnings per share and dividends by more than 10 per cent per annum, demonstrating the consistency and quality of the business we have built.

Delivering our strategy

Over the last 12 months we have continued to make strong progress against our strategic priorities. Across our core categories, we are gaining market share through a consistent focus on quality, service, innovation and close alignment with our strategic retail partners.

Our core pork business performed strongly with fresh and added‑value sales ahead and a record number of pigs processed during the year. Continued investment across our primary processing and farming operations is supporting volume growth and enhancing supply chain resilience.

Poultry again delivered significant growth. We successfully completed the transition to higher welfare, lower stocking densities across our supply chain while continuing to invest to support future capacity requirements. Poultry remains a key growth driver for the business.

Our Mediterranean Foods business performed exceptionally well, supported by a record Christmas trading period and continued growth of the Ramona's brand. Pet Products also delivered another year of strong growth as we developed our relationship with Pets at Home further following capacity expansion at our Lincoln site.

Across the Group, our teams continue to deliver premiumisation and innovation aligned to evolving consumer trends, including high‑quality convenient centre‑of‑plate products, new super-premium ranges, and to remove ultra-processed ingredients.

Record investment and expanding headroom for growth

Disciplined capital deployment remains a defining strength of Cranswick's long-term performance. During the year, we invested a record £163 million across the business to expand capacity, strengthen capability and drive further efficiency through automation, scale and vertical integration.

Over the last five years, we have invested more than £560 million across our asset base. We will continue to invest at pace, in line with our guidance of approximately 50 per cent of adjusted EBITDA, to support growth, resilience and long-term returns.

We spent £54 million across the pipeline of major strategic capital projects in the year. The completed expansion of our cooked and breaded poultry facilities in Hull added capacity and capability to support new premium retail business. The completion of the houmous facility in Worsley provides a scalable platform to support continued growth in our Mediterranean Foods category. The multiphased expansion of our Hull pork primary processing facility remains on track, with the new highly automated cold store now being commissioned. We will lift capacity at the site by 40 per cent following the financial year ending March 2027. Expansion of the Lincoln pet food facility will add capacity and capability in premium higher meat inclusion ranges.

During the year, the investment in automation at Eye has continued to progress and will increase processing capacity by 15 per cent. We are now committing a further £56 million of investment to grow total capacity at the site by a further 25 per cent through the addition of a second line. This project, alongside the recently completed expansion of our cooked and breaded poultry facilities, secures further headroom to support the ongoing growth of our fresh and added-value poultry business. Looking to the longer term, we continue to progress feasibility studies at several sites for a second fresh poultry facility. We have the balance sheet and management resource available to deliver this project once we have secured a suitable site.

Acquisitions are an important component of our strategy, enabling further consolidation in core categories and selective diversification where we see compelling long-term opportunities. The acquisitions of Blakemans and JSR Genetics continue to perform strongly and are integrating well into the Group. Blakemans enhances our position in the food service sausage market and broadens our added‑value offering while JSR Genetics further strengthens our vertically integrated agricultural model, supporting supply chain resilience, productivity and quality across our pork operations.

In addition to JSR Genetics, we purchased the Fridaythorpe feed mill during the year increasing our self-sufficiency in pig feed. We have continued to increase our own pig production with finished pig numbers increasing 6.5 per cent year-on-year and self-sufficiency now 55 per cent. Through a combination of acquisition and new lease arrangements, we completed the investment necessary to deliver the move to higher welfare, lower stocking densities in our poultry farming operations while also supporting the uplift in processing capacity at Eye.

Second Nature - sustainable success

Sustainability is integral to our strategy and long-term value creation. During the year, Gourmet Sausage became the Group's first zero operational carbon emissions facility, reflecting the practical impact of targeted decarbonisation investment across the business.

We published our first Transition Plan setting out the actions required to progress towards Net Zero as a business, and set Forest, Land and Agriculture ('FLAG') Science‑Based Targets to sharpen our focus on emissions in our value chain. Safety performance continued to improve, with a reduction in lost‑time accidents.

We are committed to further strengthening animal welfare standards across our farming operations. In November, we published the findings from the independent veterinarian review of our pig farming operations. We have made significant progress in actioning the recommendations, enhancing leadership and reporting structures within the farming division, launching our dedicated animal welfare hub and installing more than 440 AI-enabled CCTV cameras across our farms.

People and culture

Our people are central to the Group's continued success. We are investing in leadership capability, early careers and succession planning to ensure that Cranswick is well equipped to support long-term growth and maintain its distinctive culture as the business continues to scale.

During the year, we launched the first Group General Managers' Forum to strengthen leadership capability and consistency across the business. Our Operations Talent Programme continues to build a strong pipeline of future leaders, supported by increased graduate and apprenticeship recruitment.

We formally rolled out our Equality, Diversity and Inclusion Charter and completed the first full year of the Next Generation Committee, ensuring early‑career colleagues have a stronger voice in shaping the future of the Group.

Operating conditions in our industry remain challenging but our people have again demonstrated resilience, professionalism and commitment. I am grateful to them all for their support.

Adam Couch

Chief Executive Officer

19 May 2026

Operating and Financial Review

Operating review

Revenue and adjusted Group operating profit

	2026	2025	Change (Reported)	Change (Like-for-like^1,2)
Revenue	£2,982.5m	£2,723.3m	+9.5%	+6.8%
Adjusted Group Operating Profit¹	£237.0m	£206.9m	+14.5%
Adjusted Group Operating Margin¹	7.9%	7.6%	+35bps

1	Adjusted and like-for-like references throughout this statement refer to non-IFRS measures or Alternative Performance Measures ('APMs'). Definitions and reconciliations of the APMs to IFRS measures are provided in Note 10.
2	Like-for-like revenue references exclude the current year contribution from current and prior year acquisitions prior to the anniversary of their purchase.

Revenue

Revenue increased by 9.5 per cent to £2,982.5 million reflecting growth across all categories, supported by the continued outperformance of premium added-value product ranges and a record Christmas trading period. Revenue from UK food was ahead by 9.4 per cent, underpinned by volume growth of 8.3 per cent. UK food volume growth accelerated from 7.0 per cent in H1 to 9.5 per cent in H2 driven by the performance of Fresh Pork and Gourmet Products. The uplift in H2 UK food volumes offset modest price deflation as lower input costs were reflected in selling prices.

Poultry revenue grew by 13.9 per cent, driven by strong growth across Cooked, Prepared and Fresh categories, and now represents 20.3 per cent of Group reported revenue. Gourmet Products revenue was ahead by 15.3 per cent following the acquisition of Blakemans. Pet Products revenue was 29.8 per cent ahead reflecting expansion of the Pets at Home relationship.

Adjusted Group Operating Profit

Adjusted Group operating profit was 14.5 per cent higher at £237.0 million with adjusted Group operating margin up 35 basis points to 7.9 per cent. The improvement in Group operating margin was driven by the performance of the integrated poultry supply chain, investment in automation, operational leverage, excellent capacity utilisation and disciplined cost control.

Category review

FOOD SEGMENT

Fresh Pork

Fresh Pork revenue increased by 3.7 per cent year-on-year and represented 22.9 per cent of Group revenue. Growth was volume-led across retail, wholesale and export channels, underpinned by sustained consumer demand for pork as an affordable and naturally protein-rich choice.

Retail and wholesale revenue increased by 3.0 per cent, with volumes 7.9 per cent ahead of the prior year, reflecting strong underlying demand. This volume growth was partly offset by lower pricing, particularly in wholesale markets, as the year-on-year reduction in pig prices flowed through. Export revenue was 4.6 per cent below the prior year; export volumes were ahead, but this was more than offset by lower pricing. The JSR Genetics acquisition also contributed to strong growth in external revenues from our pig farming operations.

Fresh Pork, agricultural operations
We continued to invest across our pig farming and feed milling infrastructure during the year while also expanding the scale of our indoor and outdoor herds. Finished pig numbers increased by 6.5 per cent compared with the prior year. Self-sufficiency was maintained at 55 per cent, notwithstanding growth in demand from our three primary processing facilities and downstream added-value pork operations.

The recent acquisitions of JSR Genetics and the Fridaythorpe feed mill continue to perform ahead of our initial expectations. Their integration into the Group has delivered clear synergies, supporting improved efficiency and closer coordination across genetics, feed milling, farming and processing operations.

We invested £24 million across our pig farming operations during the year, including the acquisition of the Fridaythorpe feed mill, with more than £115 million invested over the last five years. We remain committed to continued investment across our pig farming supply chain to ensure we can provide the quality and scale of supply required by our strategic retail partners.

Fresh Pork, primary processing
Throughput increased across all three Fresh Pork primary processing sites during the year, with the total number of UK pigs processed 3.1 per cent ahead of the prior year. Strong retail demand continued, supported by pork's relative affordability and sustained consumer switching into fresh and added-value pork products. We continued to drive premiumisation in the category through the use of bespoke genetics, delivering enhanced intramuscular fat levels and improved eating quality in premium retail ranges. Strong trading during the key barbecue and Christmas periods was supported by innovation across these ranges, including premium joints and festive centre-piece products for key retail customers.

The £100 million redevelopment of the Hull primary processing facility continues to progress in line with expectations. The new highly automated on-site cold storage facility is now operational, and we are progressing the approval process for direct export to China. This project will expand capacity at the site to 50,000 pigs per week and is expected to complete following the financial year ending March 2027.

Convenience
Convenience revenue increased by 7.3 per cent in the year and represented 35.5 per cent of Group revenue.

Cooked Meats revenue increased during the year, supported by growth with existing customers and newly secured retail business. The Hull site delivered a record Christmas trading period for 'slow cook' and 'sous vide' turkey products with its anchor customer, despite the disruption caused by avian influenza across seasonal turkey supply chains. Demand for these products continues to grow as consumers seek restaurant-quality meal solutions that combine convenience and value. During the year, we also launched a new super-premium 'Chef's Collection' 'sous vide' centre-of-plate range with a key strategic retail partner. The Milton Keynes and Barnsley sites also secured new retail business, further strengthening our position in the deli meats category.

Continental and Mediterranean Products delivered strong revenue growth in the year, supported by continued momentum at the Bury and Katsouris facilities and increasing volumes from the Worsley site. At Bury, new retail business was successfully onboarded, while strong demand for festive Mediterranean grazing platters contributed to a record Christmas trading period. Growth at Katsouris Brothers reflected new halloumi business together with co-packing volumes for a branded snacking range. Ramona's further strengthened its leadership position in the houmous category, supported by award-winning innovation across new flavour launches. The Worsley site also onboarded own-label retail houmous business with two retail partners during the year. Investment in additional capacity at Worsley has now been completed, providing further headroom to support continued growth in the houmous and dips category. Across our Mediterranean Foods portfolio, innovation continues to support growth through an expanding range of premium dips, platters, hot tapas and sharing products. These ranges remain well aligned to evolving consumer demand for sharing occasions, grazing formats and high-protein snacking.

Gourmet Products
Gourmet Products revenue increased by 15.3 per cent and represented 19.7 per cent of Group revenue, including the contribution from the Blakemans acquisition.

Sausage and Bacon revenues, including cooked products, were ahead of the prior year. Growth was supported by continued premiumisation and innovation across the range, including the launch of ultra-processed free 'Only 6 Ingredients' sausages, super-premium 'Signature' bacon and 'Ultimate' sausages, together with premium cooked 'Dinky' cocktail sausages.

Strong trading through the key barbecue and Christmas periods reflected increasing product complexity and a favourable sales mix across bacon, sausage and festive garnish ranges. Demand for pigs in blankets continued to grow strongly and we supplied 120 million single units during the year, including production from Blakemans. The Gourmet Sausage site also achieved the significant milestone of zero operational carbon emissions, reflecting the cumulative benefit of continued investment in emissions-reduction technologies.

Blakemans continues to perform ahead of our initial expectations, supported by integration synergies, economies of scale and improved procurement. During the year, the business secured its first retail listing through a premium frozen sausage launch with a key retail customer. We are also investing in automated pigs in blankets production at the Blakemans site, enhancing efficiency and providing additional capacity to support future growth.

Pastry revenues were ahead of the prior year, supported by stronger pricing and an improved sales mix following successful new product launches with the Malton site's anchor retail partner. Premium seasonal ranges performed particularly well, including celebrity chef beef and turkey wellingtons, reflecting continued consumer demand for restaurant-quality convenient meal solutions.

Poultry

Poultry revenue increased by 13.9 per cent in the year and represented 20.3 per cent of Group revenue, up from 19.6 per cent in the prior year. Growth was driven by strong performances across fresh, prepared and cooked poultry, reinforcing poultry's importance as a key strategic growth category for the Group.

Poultry, agricultural operations
During the year, we completed the transition to enhanced welfare, lower stocking densities across our poultry supply chain, having secured the additional growing space required to support this change. The transition has delivered improved welfare outcomes and enhanced farm productivity, strengthening the long-term sustainability of the supply chain. The £7 million investment in additional incubatory capacity at the Kenninghall facility to support the planned uplift to 1.6 million birds per week at the Eye processing facility is now complete.

Poultry, primary and added-value processing
Fresh Poultry delivered strong revenue growth, driven by firmer pricing following the move to higher welfare production, together with increases in both the weekly number and average weight of birds processed at Eye. During the year, we also launched innovative festive centre-piece products with the site's anchor customer, reflecting growing consumer demand for chicken at Christmas. We have now extended the terms of the long-term supply agreement in place with the site's core customer.

The £13 million investment project at Eye to increase capacity to 1.6 million birds per week, representing approximately 15 per cent additional processing capacity, continues to progress in line with expectations. Through expansion of the site footprint and the addition of a second line, we have now committed to a further £56 million investment to increase total processing capacity to 2 million birds per week. This project is expected to complete during the financial year ending March 2028 and will provide further headroom to support the continued growth of our fresh and added-value poultry business.

Prepared Poultry and Cooked Poultry delivered double-digit revenue growth, supported by higher volumes and an improved sales mix following the onboarding of premium retail business in the prior year. The £30 million expansion project was completed during the first half of the year, adding whole bird and bone-in portion cooking and roasting capability. Operational momentum improved through the second half of the year, following earlier disruption associated with the rapid onboarding of new business and the impact of wider industry fresh poultry availability constraints.

OTHER SEGMENT

Pet Products
Pet Products revenue increased by 29.8 per cent in the year and represented 1.6 per cent of Group revenue. Growth was driven by the continued expansion of our relationship with Pets at Home, supported by an improved sales mix following the onboarding of higher meat content lines and the launch of a new premium range during the year. The £14 million investment in additional capacity and higher meat content processing capability continues to progress in line with expectations.

Finance review

Revenue

Reported revenue increased by 9.5 per cent to £2,982.5 million (2025: £2,723.3 million). Like-for-like revenue, excluding the contribution from acquisitions prior to their anniversary, increased by 6.8 per cent.

Adjusted gross profit and adjusted EBITDA

Adjusted gross profit increased by 12.8 per cent to £473.5 million (2025: £419.9 million), with adjusted gross margin increasing to 15.9 per cent (2025: 15.4 per cent). Adjusted EBITDA increased by 14.7 per cent to £336.4 million (2025: £293.2 million), while adjusted EBITDA margin increased by 51 basis points to 11.3 per cent (2025: 10.8 per cent).

Adjusted Group operating profit

Adjusted Group operating profit increased by 14.5 per cent to £237.0 million (2025: £206.9 million), with adjusted Group operating margin improving by 35 basis points to 7.9 per cent (2025: 7.6 per cent).

Full reconciliations of adjusted measures to statutory results are set out in Note 10. On a statutory basis, the net IAS 41 movement on biological assets resulted in a £2.2 million debit (2025: £11.1 million debit), primarily reflecting the reduction in the Standard Pig Price during the year.

Finance costs and funding

Net finance costs were £17.0 million (2025: £9.2 million), including £9.6 million of IFRS 16 lease interest (2025: £6.0 million). Bank finance costs increased to £7.4 million (2025: £3.2 million), primarily reflecting the year-on-year increase in net debt following record capital expenditure, the acquisition of Blakemans and working capital expansion associated with new long-term strategic partnerships.

The Group refinanced its banking facility on more favourable terms during the first half of the financial year. The new unsecured agreement comprises a £360 million revolving credit facility running to July 2029, with the option to extend by up to a further two years. A further £90 million can be accessed on the same terms at any point during the term of the agreement. The facility replaces the previous £250 million revolving credit facility and provided the business with more than £290 million of headroom at 28 March 2026.

Adjusted profit before tax

Adjusted profit before tax increased by 11.2 per cent to £220.0 million (2025: £197.9 million).

Taxation

The tax charge for the year was £57.5 million (2025: £47.3 million), equivalent to 26.6 per cent of profit before tax (2025: 26.0 per cent). The standard rate of UK corporation tax remained 25.0 per cent (2025: 25.0 per cent). The effective tax rate was higher than the standard rate, principally reflecting non-qualifying depreciation and other expenses which are not deductible for tax purposes. The effective tax rate on adjusted profit before tax was 26.6 per cent (2025: 26.0 per cent).

Adjusted earnings per share

Adjusted earnings per share increased by 10.4 per cent to 301.7 pence (2025: 273.4 pence). The weighted average number of shares in issue during the year was 53,501,533 (2025: 53,581,044).

Statutory profit measures

Statutory profit before tax was £215.8 million (2025: £181.6 million), with statutory Group operating profit of £232.8 million (2025: £190.6 million) and statutory earnings per share of 295.9 pence (2025: 250.5 pence). Statutory gross profit was £471.3 million (2025: £408.8 million).

Cash flow and net debt

Net cash inflow from operating activities was £275.0 million (2025: £216.3 million). The increase of £58.7 million principally reflected the £43.2 million increase in EBITDA and a £18.3 million reduction in net working capital outflow, partly offset by a £5.8 million increase in tax paid. Net debt, including IFRS 16 lease liabilities, increased to £240.8 million (2025: £172.4 million). The strong operating cash inflow was more than offset by £161.9 million of net capital investment, £55.1 million of dividends paid to Shareholders, £22.1 million of own shares purchased and transferred into the Cranswick Employee Benefit Trust, £26.5 million of IFRS 16 lease payments and £47.3 million of tax paid. Cash spent on acquisitions contributed a further £32.9 million increase in net debt during the year.

Group income statement

For the 52 weeks ended 28 March 2026

		2026	2025
	Notes	£'m	£'m

Revenue		2,982.5	2,723.3

Adjusted Group operating profit		237.0	206.9
Net IAS 41 valuation movement in biological assets		(2.2)	(11.1)
Amortisation of intangible assets		(2.0)	(3.6)
Impairment of intangible assets		-	(1.6)

Group operating profit	4	232.8	190.6
Finance costs		(17.0)	(9.2)
Share of net profit of joint venture		-	0.2
Profit before tax		215.8	181.6

Taxation		(57.5)	(47.3)
Profit for the year		158.3	134.3

Earnings per share (pence)
On profit for the year:
Basic	5	295.9p	250.5p
Diluted	5	290.2p	246.1p

Group statement of comprehensive income

For the 52 weeks ended 28 March 2026

	2026 £'m	2025 £'m

Profit for the year	158.3	134.3

Other comprehensive (expense)/income
Other comprehensive (expense)/income to be reclassified to profit or loss in subsequent periods:
Cash flow hedges
(Losses)/gains arising in the year	(0.4)	0.3
Reclassification adjustments for (losses)/gains included in the income statement	(0.3)	0.1
Income tax effect	0.2	(0.1)
Net other comprehensive (expense)/income to be reclassified to profit or loss in subsequent periods	(0.5)	0.3

Other comprehensive expense not to be reclassified to profit or loss in subsequent periods:
Actuarial losses on defined benefit pension scheme	(0.1)	(0.2)
Income tax effect	-	-
Net other comprehensive expense not to be reclassified to profit or loss in subsequent periods	(0.1)	(0.2)
Other comprehensive (expense)/income	(0.6)	0.1
Total comprehensive income	157.7	134.4

Group balance sheet

At 28 March 2026

	Notes	2026 £'m	2025 £'m

Non-current assets
Financial asset investment		0.2	0.1
Intangible assets		219.8	210.9
Property, plant and equipment		707.9	605.4
Right-of-use assets		164.6	123.7
Biological assets		7.3	4.3
Total non-current assets		1,099.8	944.4

Current assets
Biological assets		86.2	91.8
Inventories		142.5	126.9
Trade and other receivables		384.6	355.0
Other financial assets		-	0.3
Income tax receivable		11.7	6.9
Cash and short-term deposits	7	12.5	5.9
Total current assets		637.5	586.8

Total assets		1,737.3	1,531.2

Current liabilities
Trade and other payables		(340.2)	(328.1)
Other financial liabilities		(0.5)	(0.3)
Lease liabilities		(19.3)	(16.4)
Provisions		(1.2)	(2.4)
Total current liabilities		(361.2)	(347.2)

Non-current liabilities
Other payables		(0.2)	(0.5)
Other financial liabilities		(81.2)	(45.6)
Lease liabilities		(156.5)	(116.3)
Deferred tax liabilities		(47.0)	(32.0)
Defined benefit pension scheme liability		(0.1)	-
Provisions		(2.2)	(1.7)
Total non-current liabilities		(287.2)	(196.1)

Total liabilities		(648.4)	(543.3)

Net assets		1,088.9	987.9

Equity
Called-up share capital		5.4	5.4
Share premium account		135.9	133.0
Share-based payments		17.5	14.2
Shares held in trust		(40.7)	(35.4)
Hedging reserve		(0.4)	0.3
Retained earnings		971.2	870.4
Total equity attributable to owners of the Parent		1,088.9	987.9

Group statement of cash flows

For the 52 weeks ended 28 March 2026

		2026	2025
	Notes	£'m	£'m

Operating activities
Profit for the year		158.3	134.3
Adjustments to reconcile Group profit for the year to net cash inflow from operating activities:
Income tax expense		57.5	47.3
Net finance costs		17.0	9.2
Loss on sale of property, plant and equipment		0.7	0.9
Depreciation of property, plant and equipment		77.4	68.1
Depreciation of right-of-use assets		22.0	18.2
Amortisation of intangible assets		2.0	3.6
Impairment of intangible assets		-	1.6
Share-based payments		11.6	8.4
Share of joint venture		-	(0.2)
Release of Government grants		(0.4)	(0.4)
Net IAS 41 valuation movement on biological assets		2.2	11.1
Decrease/(increase) in biological assets		0.4	(8.7)
Increase in inventories		(10.6)	(12.8)
Increase in trade and other receivables		(20.0)	(26.6)
Increase in trade and other payables		4.2	3.8
Cash generated from operations		322.3	257.8
Tax paid		(47.3)	(41.5)
Net cash inflow from operating activities		275.0	216.3

Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	9	(30.5)	(25.0)
Distribution received from joint venture		-	0.2
Payments for right-of-use assets		(2.7)	-
Purchase of financial asset investment		(0.1)	-
Purchase of property, plant and equipment		(163.4)	(137.6)
Proceeds from the sale of property, plant and equipment		1.5	2.0
Net cash used in investing activities		(195.2)	(160.4)

Cash flows from financing activities
Interest paid		(6.6)	(2.7)
Proceeds from issue of share capital		2.9	4.7
Proceeds from share options exercised by Employee Benefit Trust		4.5	-
Own shares purchased		(22.1)	(25.3)
Proceeds from borrowings		33.0	18.0
Repayment of borrowings acquired		(1.5)	-
Issue costs of borrowings		(1.8)	-
Dividends paid		(55.1)	(49.5)
Payment of lease capital		(16.9)	(16.2)
Payment of lease interest		(9.6)	(6.0)
Net cash outflow from financing activities		(73.2)	(77.0)

Net increase/(decrease) in cash and cash equivalents	7	6.6	(21.1)
Cash and cash equivalents at beginning of year	7	5.9	27.0
Cash and cash equivalents at end of year	7	12.5	5.9

Group statement of changes in equity

For the 52 weeks ended 28 March 2026

	Share capital £'m	Share premium £'m	Share-based payments £'m	Shares held in trust £'m	Hedging reserve £'m	Retained earnings £'m	Total equity £'m

At 30 March 2024	5.4	128.3	11.8	(15.6)	(0.1)	781.7	911.5

Profit for the year	-	-	-	-	-	134.3	134.3
Other comprehensive income/(expense)	-	-	-	-	0.4	(0.3)	0.1
Total comprehensive income	-	-	-	-	0.4	134.0	134.4

Share-based payments	-	-	8.4	-	-	-	8.4
Shares acquired by Employee Benefit Trust	-	-	-	(25.3)	-	-	(25.3)
Transfer to retained earnings on grant of shares to beneficiaries of the Employee Benefit Trust	-	-	-	5.5	-	(5.5)	-
Exercise, lapse or forfeit of share-based payments	-	-	(6.0)	-	-	6.0	-
Share options exercised	-	4.7	-	-	-	-	4.7
Dividends	-	-	-	-	-	(49.5)	(49.5)
Deferred tax related to changes in equity	-	-	-	-	-	2.7	2.7
Current tax related to changes in equity	-	-	-	-	-	1.0	1.0
At 29 March 2025	5.4	133.0	14.2	(35.4)	0.3	870.4	987.9

Profit for the year	-	-	-	-	-	158.3	158.3
Other comprehensive (expense)/income	-	-	-	-	(0.7)	0.1	(0.6)
Total comprehensive (expense)/income	-	-	-	-	(0.7)	158.4	157.7

Share-based payments	-	-	11.6	-	-	-	11.6
Shares acquired by Employee Benefit Trust	-	-	-	(22.1)	-	-	(22.1)
Share options exercised through shares acquired by Employee Benefit Trust	-	-	4.5	-	-	-	4.5
Transfer to retained earnings on grant of shares to beneficiaries of the Employee Benefit Trust	-	-	-	16.8	-	(16.8)	-
Exercise, lapse or forfeit of share-based payments	-	-	(12.8)	-	-	12.8	-
Share options exercised	-	2.9	-	-	-	-	2.9
Dividends	-	-	-	-	-	(55.1)	(55.1)
Deferred tax related to changes in equity	-	-	-	-	-	(1.3)	(1.3)
Current tax related to changes in equity	-	-	-	-	-	2.8	2.8
At 28 March 2026	5.4	135.9	17.5	(40.7)	(0.4)	971.2	1,088.9

Notes to the accounts

1. Basis of preparation

The results comprise those of Cranswick plc and its subsidiaries for the 52 weeks ended 28 March 2026. This preliminary announcement has been prepared on the basis of accounting policies as set out in the statutory accounts for the 52 weeks ended 28 March 2026. This announcement does not constitute the Company's statutory accounts within the meaning of Section 435 of the Companies Act 2006.

The Consolidated Financial Statements of Cranswick plc have been prepared under the historical cost convention, except where measurement of balances at fair value is required as explained in the accounting policies below. The Group's Financial Statements have been prepared in accordance with UK-Adopted International Accounting Standards ('UK-Adopted IAS'). The Group's Financial Statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.

The Financial Statements of the Group are prepared to the last Saturday in March. Accordingly, these Financial Statements are prepared for the 52 week period ended 28 March 2026. Comparatives are for the 52 week period ended 29 March 2025. The Balance Sheets for 2026 and 2025 have been prepared as at 28 March 2026 and 29 March 2025 respectively.

Statutory accounts for the 52 weeks ended 28 March 2026 and 52 weeks ended 29 March 2025 have been reported on by the auditors who issued an unqualified opinion in respect of all years and the auditors' reports for 2026 and 2025 did not contain statements under 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the 52 weeks ended 29 March 2025 have been filed with the Registrar of Companies. The statutory accounts for the 52 weeks ended 28 March 2026, which were approved by the Board on 19 May 2026, will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

Viability and Going Concern

In accordance with the provisions of the UK Corporate Governance Code, the Board has assessed the going concern and viability of the Group over an appropriate time period, taking into account the current position, future prospects and the potential impact of the principal risks to the Group's business model and ability to deliver its strategy.

The Board has reviewed management's forecasts that have been sensitised to reflect severe yet plausible downside scenarios which consider the principal risks faced by the Group, including but not limited to, the availability of labour, an outbreak of Avian Influenza impacting our chicken flock and a widespread outbreak of African Swine Fever in the UK and Europe, as well as the Group's considerable financial resources and strong trading relationships with its key customers and suppliers. The Directors have additionally considered the potential impacts of the wars in Ukraine and Iran, including associated global supply chain uncertainties, and have concluded that these would not have a material impact on the conclusion set out below. These forecasts, which have been reviewed by the Directors, lead the Directors to believe that the Group is well placed to manage its business risk successfully. As part of this review, the Directors have assessed the Group's ability to continue as a going concern over a 16-month period to July 2027.

After reviewing the available information, including business plans and downside scenario modelling and making enquiries, the Board has reasonable expectation that the Group has adequate resources to continue in operational existence for at least twelve months from the date of signing Group Financial Statements. For this reason, they continue to adopt the going concern basis for preparing these financial statements.

The Board has determined that a three-year period to March 2029 is an appropriate period over which to provide its Viability Statement. This timeframe has been specifically chosen due to the fast-moving nature of the food industry and the current financial and operational forecasting cycles of the Group.

The sensitivity analysis utilised the Group's robust three-year budget and forecasting process to quantify the financial impact on the strategic plan and on the Group's viability against specific measures including liquidity, credit rating and bank covenants.

1. Basis of preparation (continued)

Given the strong liquidity of the Group; the committed banking facilities and the diversity of operations, the results of the sensitivity analysis highlighted that the Group, would, over the three-year period, be able to withstand the impact of the most severe combination of the risks modelled by making adjustments to its strategic plan and discretionary expenditure, with strong headroom against current available facilities and full covenant compliance in all modelled scenarios. Based on the results of this analysis, the Board has a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 31 March 2029.

2. Accounting policies

The accounting policies applied by the Group in this preliminary announcement are the same as those applied by the Group in the Financial Statements for the 52 weeks ended 29 March 2025, except for the new standards, interpretations and change in accounting policy explained below.

Accounting standards or interpretations which have been adopted in the year

There were no accounting standards or interpretations that have become effective in the year which had an impact on disclosures, financial position or performance.

Accounting standards or interpretations issued but not yet effective

IFRS 18 Presentation and Disclosure in Financial Statements: IFRS 18 was issued in April 2024 and will replace IAS 1 Presentation of Financial Statements. IFRS 18 will be effective for reporting periods beginning on or after January 1, 2027. This standard sets out requirements for the presentation and disclosure of information in Financial Statements, particularly the Consolidated Statement of Income. The standard introduces a defined structure for the Consolidated Statement of Income, additional defined subtotals, new principles for aggregation and disaggregation of information, and it mandates disclosures about management-defined performance measures.

Amendments to IFRS 9 and IFRS 7 'The Classification and Measurement of Financial instruments': effective for accounting periods beginning on or after 1 January 2026, clarify the requirements relating to the recognition and derecognition of certain financial assets and liabilities. This includes specific guidance for liabilities settled through electronic cash transfer systems. The change is not expected to have a significant effect on the Group's Financial Statements.

3. Business segments

IFRS 8 requires operating segments to be identified on the basis of the internal financial information reported to the Chief Operating Decision Maker ('CODM'). The Group's CODM is deemed to be the Executive Directors on the Board, who are primarily responsible for the allocation of resources to segments and the assessment of performance of the segments.

The CODM assesses profit performance principally through adjusted profit measures consistent with those disclosed in the Annual Report and Accounts.

The reporting segments are organised based on the nature of the end markets served. The 'Food' segment entails manufacture and supply of food products to UK grocery retailers, the food service sector and other UK and global food producers. The 'Other' segment represents all other activities, which do not meet the above criteria, principally Cranswick Pet Products Limited.

3. Business segments (continued)

The reportable segment 'Food' represents the aggregation of four operating segments, which are aligned to the product categories of the Group; Fresh Pork, Convenience, Gourmet Products and Poultry, all of which manufacture and supply food products through the channels described above. The Blakemans acquisition is included within the Gourmet Products category. The operating segments have been aggregated into one reportable segment as they share similar economic characteristics. The economic indicators, which have been assessed in concluding that these operating segments should be aggregated, include the similarity of long-term average margins; expected future financial performance; and operating and competitive risks. In addition, the operating segments are similar with regard to the nature of the products and production process, the type and class of customer, the method of distribution and the regulatory environment.

	2026 £'m	2026 £'m	2026 £'m	2025 £'m	2025 £'m	2025 £'m
	Food	Other	Total	Food	Other	Total
Revenue	2,934.9	47.6	2,982.5	2,686.6	36.7	2,723.3
Adjusted operating profit/(loss)	236.2	0.8	237.0	210.3	(3.4)	206.9
Finance costs	(15.9)	(1.1)	(17.0)	(8.0)	(1.2)	(9.2)
Share of net profit of joint venture	-	-	-	0.2	-	0.2
Adjusted profit/(loss) before tax	220.3	(0.3)	220.0	202.5	(4.6)	197.9

Assets	1,694.3	43.0	1,737.3	1,503.0	28.2	1,531.2
Liabilities	(602.7)	(45.7)	(648.4)	(510.7)	(32.6)	(543.3)
Net assets/(liabilities)	1,091.6	(2.7)	1,088.9	992.3	(4.4)	987.9

Depreciation	97.6	1.8	99.4	84.0	2.3	86.3
Property, plant and equipment and right-of-use asset additions	195.4	8.0	203.4	150.0	2.7	152.7

4. Group operating profit

Group operating costs comprise:

	2026 £'m	2025 £'m

Cost of sales excluding net IAS 41 valuation movement on biological assets	2,509.0	2,303.4
Net IAS 41 valuation movement on biological assets*	2.2	11.1
Cost of sales	2,511.2	2,314.5

Gross profit	471.3	408.8

Selling and distribution costs	125.0	112.8

Administrative expenses excluding impairment and amortisation of intangible assets	111.5	100.2
Impairment of intangible assets	-	1.6
Amortisation of intangible assets	2.0	3.6
Administrative expenses	113.5	105.4
Total operating costs	2,749.7	2,532.7

*This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost accounting, which forms part of the reconciliation to adjusted operating profit.

5. Earnings per share

Basic earnings per share amounts are calculated by dividing net profit for the year attributable to members of the Parent Company of £158.3 million (2025: £134.3 million) by the weighted average number of shares outstanding during the year.

In calculating diluted earnings per share amounts, the weighted average number of shares is adjusted for the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares, and shares held by the Employee Benefit Trust.

The weighted average number of ordinary shares for both basic and diluted amounts was as per the table below:

	2026	2025
	Thousands	Thousands
Basic weighted average number of shares	53,502	53,581
Dilutive potential ordinary shares - share options	1,051	954
	54,553	54,535

Adjusted earnings per share are calculated using the weighted average number of shares for both basic and diluted amounts as detailed above (see Note 10).

6. Dividends

Subject to Shareholders' approval the final dividend will be paid on 28 August 2026 to Shareholders on the register at the close of business on 17 July 2026.

7. Analysis of changes in net debt

	At 29 March 2025	Acquired on acquisition	Cash flow	Other non-cash changes	At 28 March 2026
	£'m	£'m	£'m	£'m	£'m
Cash and cash equivalents	5.9	3.9	2.7	-	12.5
Bank loans	-	(1.5)	1.5	-	-
Revolving credit facility	(45.6)	-	(33.0)	1.1	(77.5)
Lease liabilities	(132.7)	(0.8)	26.5	(68.8)	(175.8)
Net debt	(172.4)	1.6	(2.3)	(67.7)	(240.8)

Net debt is defined as cash and cash equivalents and loans receivable less interest-bearing liabilities net of unamortised issue costs.

8. Related party transactions

During the year the Group and Company entered into transactions, in the ordinary course of business, with related parties, including transactions between the Company and its subsidiary undertakings. In the Group accounts transactions between the Company and its subsidiaries are eliminated on consolidation.

9. Acquisitions

i) James T Blakeman & Co (Holdings) Limited

On 16 May 2025, the Group acquired 100 per cent of the issued share capital of James T Blakeman & Co (Holdings) Limited and its subsidiary entities, James T. Blakeman (Services) Limited, and James T Blakeman & Co Limited, for cash consideration of £37.8 million.

The acquisition will enable the Group to expand its offering in the sausage manufacturing market, bringing more raw and cooked sausage capacity to the Group.

The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3 Business Combinations and consequently the assets acquired, and liabilities assumed, have been recorded by the Group at fair value, with an excess purchase price over the fair value of the identifiable assets and liabilities being recognised as goodwill.

The following table sets out the fair values of the identifiable assets and liabilities acquired by the Group in relation to James T Blakeman & Co (Holdings) Limited and its subsidiaries:

	Fair value
		£'m
Net assets acquired:
Customer relationships		1.9
Property, plant and equipment		18.9
Right-of-use assets		0.8
Inventories		5.0
Trade and other receivables		9.6
Bank and cash balances		3.9
Bank loans		(1.5)
Trade and other payables		(5.6)
Lease liabilities		(0.8)
Corporation tax		(0.5)
Deferred tax liability		(2.9)
		28.8
Goodwill arising on acquisition		9.0
Total consideration		37.8
Satisfied by:
Initial cash consideration		34.1
Deferred contingent consideration		3.7
		37.8

Net cash outflow arising on acquisition:
Cash consideration paid		34.1
Cash and cash equivalents acquired		(3.9)
		30.2

The agreement includes deferred contingent consideration payable in cash to the previous owners of James T Blakeman & Co (Holdings) Limited based on the performance of the entities acquired in the period to 27 March 2027. The amount payable will be between £nil and £3.7 million.

The fair value of the deferred contingent consideration on acquisition was estimated at £3.7 million by calculating the present value of the future expected cashflows.

The fair value of trade and other receivables acquired is the same as the gross contractual amounts. All of the trade and other receivables acquired are expected to be collected in full.

9. Acquisitions (continued)

Included in the £9.0 million of goodwill recognised above are certain intangible assets that cannot be individually separated from the acquiree and reliably measured due to their nature. These items include the expected value of synergies and an assembled workforce.

Transaction costs in relation to the acquisition of £0.5 million have been expensed within administrative expenses.

From the date of acquisition to 28 March 2026, the external revenue of the three acquired companies was £58.8 million and the combined net profit after tax was £0.8 million.

Had the acquisition taken place at the beginning of the financial year, Group revenue would have been £2,991.0 million and the Group profit after tax would have been £159.3 million.

In addition to the net cash outflow on acquisition of £30.2 million, the Group immediately paid a further £1.5 million to settle the bank loan.

ii) Fridaythorpe mill purchase

On 19 September 2025, the Group purchased a mill at Fridaythorpe. In accordance with IFRS 3 Business Combinations, the transaction has been accounted for as an asset purchase.

iii) T.W. Cook Limited

On 4 July 2025, the Group acquired 100 per cent of the issued share capital of T.W. Cook Limited, a property holding company. In accordance with IFRS 3 Business Combinations, the transaction has been accounted for as an asset purchase.

iv) J.S.R. Genetics Limited

On 20 January 2025, the Group acquired 100 per cent of the issued share capital of J.S.R. Genetics Limited and its subsidiary JSR Pyramid Limited, which combined are a pig production and genetics business based in East Yorkshire, for cash consideration of £14.5 million.

The acquisition is in line with the Group's focus on increasing self-sufficiency in British pigs.

The following table sets out the fair values of the identifiable assets and liabilities acquired by the Group in relation to J.S.R. Genetics Limited and its subsidiary:

	Fair value
		£'m
Net assets acquired:
Property, plant and equipment		18.6
Right-of-use assets		4.4
Biological assets		6.6
Inventories		0.3
Trade and other receivables		1.9
Bank and cash balances		(5.3)
Trade and other payables		(8.5)
Income tax payable		(0.3)
Lease liabilities		(4.4)
Deferred tax liability		(0.7)
		12.6
Goodwill arising on acquisition		1.9
Total consideration		14.5

9. Acquisitions (continued)

Satisfied by:
Initial cash consideration		14.2
Deferred consideration		0.3
		14.5
Net cash outflow arising on acquisition:
Cash consideration paid		14.2
Cash and cash equivalents acquired		5.3
		19.5

No customer relationship intangible asset has been recognised as the acquisition was undertaken in line with the Group's focus on increasing self-sufficiency in British pigs. There are no trademarks linked to J.S.R. Genetics Limited or its subsidiary.

Included in the £1.9 million of goodwill recognised above are certain intangible assets that cannot be individually separated from the acquiree and reliably measured due to their nature. These items include the expected value of synergies and an assembled workforce.

Transaction costs in relation to the acquisition of £0.5 million have been expensed within administrative expenses in the prior year.

From the date of acquisition to 29 March 2025, the external revenue of J.S.R. Genetics Limited and its subsidiary combined was £3.8 million and the combined net profit after tax was £0.3 million.

Had the acquisition taken place at the beginning of the prior financial year, Group revenue would have been £2,738.5 million, and Group profit after tax would have been £135.4 million.

In addition to the cash consideration of £14.5 million, the Group immediately paid a further £7.0 million consisting of £5.3 million bank overdraft and £1.7 million other payables settled on acquisition. A further £2.2 million other payables due to the previous owner and related parties were settled post-acquisition upon finalisation of certain property related conditions.

The deferred consideration of £0.3 million was settled in the year. No further amounts payable are recognised at the year end.

v) Piggy Green Limited and Fornham Pigs Limited

On 28 June 2024, the Group acquired 100 per cent of the issued share capital of Piggy Green Limited and Fornham Pigs Limited, both of which are outdoor pig breeders based in East Anglia, for cash consideration of £4.0 million.

The acquisition is in line with the Group's focus on increasing self-sufficiency in British pigs.

The following table sets out the fair values of the identifiable assets and liabilities acquired by the Group in relation to Piggy Green Limited and Fornham Pigs Limited.

9. Acquisitions (continued)

	Fair value
		£'m
Net assets acquired:
Property, plant and equipment		1.5
Biological assets		1.3
Inventories		0.1
Trade and other receivables		0.9
Bank and cash balances		0.2
Trade and other payables		(0.4)
Deferred tax liability		(0.3)
		3.3
Goodwill arising on acquisition		0.7
Total consideration		4.0
Satisfied by:
Initial cash consideration		3.8
Deferred consideration		0.2
		4.0
Net cash outflow arising on acquisition:
Cash consideration paid		3.8
Cash and cash equivalents acquired		(0.2)
		3.6

Included in the £0.7 million of goodwill recognised above are certain intangible assets that cannot be individually separated from the acquiree and reliably measured due to their nature. These items include the expected value of synergies and an assembled workforce.

Transaction costs in relation to the acquisition of £0.2 million have been expensed within administrative expenses in the prior year.

From the date of acquisition to 29 March 2025, the external revenue of Piggy Green Limited and Fornham Pigs Limited combined was £0.2 million and the combined net profit after tax was less than £0.1 million.

Had the acquisition taken place at the beginning of the prior financial year, Group revenue would have been £2,723.5 million with no change to Group profit after tax.

£0.1 million of the deferred consideration was settled in the prior year. The remaining amount payable is estimated at £0.1 million and due for payment within the next year.

vi) Financial asset investment - BIA Analytical Ltd

On 28 January 2026, as part of a fundraising exercise undertaken by BIA Analytical Ltd, the Group increased the value of its investment by £0.1 million, such that the Group retained its existing 3.30 per cent of the ordinary share capital.

vii) Deferred and Contingent Consideration

The Sale and Purchase agreements for Piggy Green Limited and Fornham Pigs Limited included deferred consideration payable in cash to the previous owners based on the finalisation of certain contractual arrangements. The amount payable is estimated at £0.1 million and will be paid within the next year.

9. Acquisitions (continued)

The sale and purchase agreement for J.S.R. Genetics Limited included deferred consideration payable in cash to the previous owners based on the finalisation of the completion accounts. The estimated amount payable was £0.2 million. Following the finalisation of the completion accounts, the deferred consideration was increased by £0.1 million and a cash payment of £0.3 million was made in the year.

The Sale and Purchase agreement for James T Blakeman & Co (Holdings) Limited included deferred contingent consideration payable in cash to the previous owners based on the performance of the entities acquired in the period to 27 March 2027. The amount payable is estimated at £3.7 million and will be paid in the period to 25 March 2028.

10. Alternative performance measures

The Board monitors performance principally through adjusted and like-for-like performance measures. Adjusted profit and earnings per share measures exclude certain non-cash items including the net IAS 41 valuation movement on biological assets, amortisation and impairment of acquired intangible assets. Free cash flow is defined as net cash from operating activities less net interest paid and like-for-like revenue excludes the impact of current year acquisitions and the contribution from prior year acquisitions prior to the anniversary of their purchase. Free cash conversion reflects free cash flow adjusted for non-growth capital expenditure, the net IAS 41 valuation movement on biological assets, lease capital and lease interest paid; as a percentage of adjusted profit. Return on capital employed is a key performance indicator for the Group and is defined as adjusted operating profit divided by the sum of average opening and closing net assets, net debt/(funds), pension surplus/(liability) and deferred tax.

The Board believes that such alternative measures are useful as they exclude volatile (net IAS 41 valuation movement on biological assets), one-off (impairment of intangible assets) and non-cash (amortisation of intangible assets) items, which are normally disregarded by investors, analysts and brokers in gaining a clearer understanding of the underlying performance of the Group when making investment and other decisions. Equally, like-for-like revenue provides these same stakeholders with a clearer understanding of the organic sales growth of the business.

Like-for-like revenue

	2026 £'m	2025 £'m	Change
Revenue	2,982.5	2,723.3	+9.5%
James T. Blakeman (Services) Limited and James T Blakeman & Co Limited	(58.8)	-
J.S.R. Genetics Limited and JSR Pyramid Limited	(15.6)	-
Like-for-like revenue	2,908.1	2,723.3	+6.8%

Adjusted gross profit

	2026 £'m	2025 £'m	Change
Gross profit	471.3	408.8	+15.3%
Net IAS 41 valuation movement	2.2	11.1
Adjusted gross profit	473.5	419.9	+12.8%

10. Alternative performance measures (continued)

Adjusted Group operating profit and adjusted EBITDA

	2026 £'m	2025 £'m	Change
Group operating profit	232.8	190.6	+22.1%
Net IAS 41 valuation movement	2.2	11.1
Amortisation of intangible assets	2.0	3.6
Impairment of intangible assets	-	1.6
Adjusted Group operating profit	237.0	206.9	+14.5%
Depreciation of property, plant and equipment	77.4	68.1
Depreciation of right-of-use assets	22.0	18.2
Adjusted EBITDA	336.4	293.2	+14.7%

Adjusted profit before tax

	2026 £'m	2025 £'m	Change
Profit before tax	215.8	181.6	+18.8%
Net IAS 41 valuation movement	2.2	11.1
Amortisation of intangible assets	2.0	3.6
Impairment of intangible assets	-	1.6
Adjusted profit before tax	220.0	197.9	+11.2%

Adjusted earnings per share

	2026 £'m	2026 Basic pence	2026 Diluted pence	2025 £'m	2025 Basic pence	2025 Diluted pence
On profit for the year	158.3	295.9	290.2	134.3	250.5	246.1
Amortisation of intangible assets	2.0	3.8	3.8	3.6	6.8	6.7
Tax on amortisation of intangible assets	(0.5)	(1.0)	(1.0)	(0.9)	(1.7)	(1.7)
Net IAS 41 valuation movement	2.2	4.0	4.0	11.1	20.8	20.4
Tax on net IAS 41 valuation movement	(0.5)	(1.0)	(1.0)	(2.8)	(5.2)	(5.1)
Impairment of intangible assets	-	-	-	1.6	3.0	3.0
Tax on impairment of intangible assets	-	-	-	(0.4)	(0.8)	(0.8)
On adjusted profit for the year	161.5	301.7	296.0	146.5	273.4	268.6

10. Alternative performance measures (continued)

Free cash flow

	2026 £'m	2025 £'m	Change
Net cash from operating activities	275.0	216.3	+27.1%
Net interest paid	(6.6)	(2.7)
Free cash flow	268.4	213.6	+25.7%

Free cash conversion

	2026 £'m	2025 £'m	Change
Free cash flow	268.4	213.6	+25.7%
Non-growth capital expenditure	(45.0)	(31.4)
Net IAS 41 valuation movement	(2.2)	(11.1)
Lease capital paid	(16.9)	(16.2)
Lease interest paid	(9.6)	(6.0)
	194.7	148.9
Adjusted profit for the year	161.5	146.5
Free cash conversion	120.6%	101.6%	+1,892bps

Return on capital employed

	2026 £'m	2025 £'m	Change
Average opening and closing net assets	1,038.4	949.7
Average opening and closing net debt	206.6	135.9
Average opening and closing pension surplus/(liability)	-	(0.1)
Average opening and closing deferred tax	39.5	30.2
	1,284.5	1,115.7
Adjusted Group operating profit	237.0	206.9
Return on capital employed	18.5%	18.5%	- 9bps

11. Principal risks and uncertainties

The Group has a structured and established approach to risk management, ensuring a consistent and planned process for identifying, assessing, prioritising, mitigating and monitoring risks across the business. The principal risks and uncertainties facing the Group are set out in detail on pages 79 to 82 of the Annual Report and Accounts for the 52 weeks ended 29 March 2025, dated 20 May 2025, a copy of which is available on the Group's website.

During the year, the Group has continued to monitor and assess risks in detail, while identifying areas where further mitigations could be implemented. Regular review of principal risks, completed over the course of the year, resulted in increases to 'Infection within livestock', 'Labour availability and cost', 'IT systems and cyber security' and 'Availability and cost of supplies' together with 'Animal welfare' being escalated from site risk registers to a new principal risk. In addition, specific principal risks were refined being 'Recruitment and retention of key personnel' to 'Leadership succession' and 'Pig meat availability and price' to 'Availability and cost of supplies'.

The Board therefore considers the principal risks and uncertainties at 28 March 2026, to be as follows:

1. Infection within livestock	8. Availability and cost of supplies
2. Labour availability and cost	9. Leadership succession
3. Animal welfare	10. Health and safety
4. Sustainability and climate change	11. Interest rate, currency, liquidity and credit risk
5. Reliance on key customers	12. Food scares and product contamination
6. IT systems and cyber security	13. Disruption to Group operations
7. Consumer demand

As previously reported, infection within livestock continues to present a significant risk to the Group and we remain acutely aware of the impact both an African Swine Fever ('ASF') or Foot and Mouth Disease outbreak would have on the UK pig industry and, specifically, our ability to continue exporting. The spread of these diseases, together with Avian Influenza and the emerging Newcastle Disease in poultry, continue to be closely monitored by the Group, and robust biosecurity protocols are in place and strictly enforced across all Cranswick farms. During the year, the Group continued to engage with industry bodies and government to advocate for timely legislation and operational guidance, the absence of which presents a material risk to both the Group and wider livestock industry.

In common with other UK businesses, wider external events including the cost-of-living crisis, geopolitical uncertainties, animal activist activity and regulatory changes continue to present challenges and uncertainties for the Group, particularly across our supply chain, operations and workforce. Given the ongoing conflict in the Middle East, the outcome of which remains uncertain, the Group is closely monitoring the impact on energy prices and the availability and price of other key products to include CO₂, fertiliser and resins.

Going forward, the Group remains vigilant to risks associated with IT systems and cyber security, particularly in light of recent incidents in the food industry and continues to invest in initiatives that enhance the ability to detect, protect, respond and recover from a cyber incident. In addition, the rapid development of Artificial Intelligence presents opportunities for the Group, but also risks if not embraced appropriately.

12. Report and accounts

The Report and Accounts will be available on the Company's website at www.cranswick.plc.uk on 26 June 2026. Further copies will be available upon request from the Company Secretary, Cranswick plc, Crane Court, Hesslewood Country Office Park, Ferriby Road, Hessle, HU13 0PA.

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