Investors feasted on Cranswick shares after the sausage-maker said it was continuing to cash in on a Chinese pork shortage.
The FTSE 250 group’s share price hit a record high after it said “robust” third-quarter trading had put it on track for higher than expected full-year profits.
Chinese pork imports have surged over the past year, after a widespread outbreak of African swine fever devastated the country’s pig population.
“Export sales have continued to be exceptionally strong and the outlook remains positive,” the company said in an update to the City.
“African swine fever has created opportunities for Far Eastern exports assuming the UK remains ASF free,” it added. “The UK industry remains on high alert with intensive biosecurity protocols in place.”
Peel Hunt analyst Charles Hall said ASF had already depleted more than half of China’s pig herd, adding it would likely take more than a year to rebuild numbers.
“Increased imports from the US will help, but will not come close to filling the gap,” he wrote in a note to investors. “As a result, prices are likely to remain elevated for at least a year.”
Cranswick ended the day up 318p at £37.14 as the biggest riser on the FTSE 250, amid solid gains across Europe’s top indices.
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