Sausages producer Cranswick on Tuesday revealed it has bought three more farms so it can be less reliant on European suppliers once Britain leaves the bloc.
Chief executive Adam Couch said his firm acquired the land in Lincolnshire and Yorkshire in the six months to September 30.
He told the Evening Standard: “This will allow us to take more control of our own supply and prepare for Brexit.” The group gets around 20% of its annual pig meat from Europe.
Cranswick, which also has poultry and cooked meats divisions, warned of “challenges”, including uncertainty created by the Brexit negotiations.
The FTSE 250 firm’s first-half pre-tax profit decreased to £42.6 million from £44.5 million owing to softer pricing in some “key export markets” including the Far East and UK.
The shares fell 122p to 2750p.
It saw revenues edge up 0.6% to £719.2 million. The firm expects to see an uplift in pig meat exports to China in the second half while farmers there grapple with the recent outbreak of African Swine Fever.
Investec analyst Nicola Mallard said: “This is a slower result than we have seen from Cranswick in recent years, but the group continues to focus on investment to support future growth.”
