Richard checks out the ESG credentials of meat producer Cranswick, which believes the high carbon footprint of cattle and sheep farming will work to its advantage. Its financial record has no strikes.
5 Strikes
Only three companies have published annual reports and passed the minimum quality filter since my last update.
|
Name |
TIDM |
Prev AR |
Strikes |
# Strikes |
|---|---|---|---|---|
|
CLBS |
Celebrus |
14/7/26 |
– Holdings – CROCI – Growth – ROCE |
4 |
|
XPS |
XPS Pensions |
13/7/26 |
? Holdings ? Debt |
1 |
|
TEP |
Telecom Plus |
10/7/26 |
– CROCI – Debt – Growth |
3 |
|
17/07/2026 |
||||
Only one of them, XPS [? Holdings ? Debt] achieved less than three strikes. It joins my research list, the table containing all the 0’s, 1’s and 2’s at the end of this article.
The only no strike share that I have yet to examine is Cranswick. It is a vertically integrated food producer. It mills animal feed, breeds animals, farms, processes, and manufactures food products, mostly for retailers but also wholesalers and the hospitality industry.
The big obvious objection to investing in Cranswick is that it is a meat producer, which raises questions about sustainability and animal welfare.
Cranswick [? Growth]
The only question mark in Cranswick’s numbers is growth. The company contracted in the year to March 2019, but by less than 2%. Given it is a small contraction and it occurred nearly seven years ago, I did not award a strike.
Bearing in mind the weather this year, it might be worth bearing in mind one of the reasons Cranswick gave for lower bacon demand in 2019: The usually hot summer. Apparently we turn to “alternative protein formats” in the hot weather. Maybe that’s a euphemism for slapping burgers on the barbeque.
I have also highlighted acquisition spending in 2020, the only year Cranswick spent more than it earned in free cash flow. Although it’s more risky, I don’t mind companies splurging in a single year. But large acquisitions are usually unsustainable if companies make a habit of them.
Cranswick made three acquisitions in 2020. The biggest was Katsouris, a North London processor and supplier of Greek produce to supermarkets. It supplies pulses, nuts, olives, and feta and halloumi cheeses. Cranswick also acquired two pig farmers that year.
Last year, my interest in Cranswick was derailed by news that production at one of its many farms was suspended following a review of animal welfare practices after activists released footage of pig abuse. The company actually had a pretty good reputation for animal welfare.
I cannot find the recommendations of the independent review the company commissioned on its website, although they were initially published there.
However, Cranswick committed to a six point plan to improve animal welfare across all its pig farms. Encouragingly the board tied the Governance portion of the 20% of chief executive Adam Couch’s bonus determined by Environmental, Social and Governance (ESG) considerations to the recommendations of the report. It deemed them to have been met in full:
Source: Cranswick annual report 2026.
The other directors’ bonuses were tied to the same conditions.
Cranswick has also retained its place in tier 3 of the Business Benchmark on Farm Animal Welfare (BBFAW). Supported by two animal welfare charities, the BBFAW measures how 149 large food companies manage animal welfare across their operations and supply chains. Its purpose is to help stakeholders, like investors, understand how seriously these businesses are taking animal welfare.
Source: BBFAW 2025 Report (5 May 2026). The lists in Tiers 5 and 6 are truncated. Full lists are in the report.
Tier 3, out of 6 might not sound good, but it is relatively speaking. Tier 1 is empty. Tier 2 includes only Greggs, M&S, Premier Foods and Waitrose, none of them farmers or processors. Cranswick is one of eight companies in Tier 3. A company in Tier 3 has “an established approach to farm animal welfare but has more work to do to ensure it is effectively implemented.”
Sadly, 59 of the companies are in Tier 5, and 60 are in Tier 6: “The company provides limited if any evidence that it recognises farm animal welfare as a business issue.”
Investment in Cranswick also forces me to confront the Environmental component of ESG. Plant based foods have a lower carbon footprint than meat, which means if we are serious about reducing greenhouse gas emissions we need to eat less of it.
Expecting Cranswick to champion eating less pork brings to mind turkeys voting for Christmas, but that is effectively Cranswick’s position!
The company’s sustainability report recognises consumers might change their habits, but it thinks this could be an opportunity because it is big in pigs and poultry, and pigs and poultry are a lot less carbon intensive than beef or lamb.
They are in fact less carbon intensive than farmed fish:
This may be wishful thinking, but if our habits change, I imagine they will change slowly and the commercial risk to a pork and poultry producer is probably quite low.
Having pondered Cranswick’s ESG credentials, I think my conscience and my commercial instincts would allow me to invest. Other opinions are, of course, available.
An update on trading is probably imminent. Last year, Cranswick released a first quarter trading statement on 28 July, so an update may have already popped up in your news feed by the time this article has been published.
The consensus of forecasts in ShareScope before any update predicts steady revenue growth:
All the 0’s, 1’s and 2’s
This is the watchlist, all the 0’s, 1’s and 2’s so far this year, with links to any of the shares that I have commented on.
Twelve shares have achieved 0 strikes, 21 shares have achieved 1 strike, and 39 shares have achieved 2 strikes. In total, 72 Shares have received less than three strikes.
|
Name |
TIDM |
Prev AR |
Strikes |
# Strikes |
Link |
|---|---|---|---|---|---|
|
CER |
Cerillion |
12/1/26 |
0 |
||
|
HWDN |
Howden Joinery |
25/2/26 |
? Holdings |
0 |
|
|
PRV |
Porvair |
11/3/26 |
? Holdings |
0 |
|
|
NICL |
Nichols |
23/3/26 |
0 |
||
|
MGNS |
Morgan Sindall |
24/3/26 |
0 |
||
|
QTX |
Quartix |
25/3/26 |
? ROCE |
0 |
|
|
CCC |
Computacenter |
8/4/26 |
0 |
||
|
FOUR |
4imprint |
14/4/26 |
? Holdings |
0 |
|
|
KEYS |
Keystone Law |
13/5/26 |
0 |
||
|
AUTO |
Autotrader |
8/6/26 |
0 |
||
|
TAM |
Tatton |
16/6/26 |
0 |
||
|
CWK |
Cranswick |
30/6/26 |
? Growth |
0 |
|
|
BOWL |
Hollywood Bowl |
5/1/26 |
– Debt |
1 |
|
|
MEGP |
Me Group |
23/3/26 |
– Growth ? ROCE |
1 |
|
|
ALFA |
Alfa Financial Software |
24/3/26 |
– Growth |
1 |
|
|
GAMA |
Gamma Communications |
24/3/26 |
? Acquisitions – Holdings |
1 |
|
|
INCH |
Inchcape |
24/3/26 |
– Growth |
1 |
|
|
ROR |
Rotork |
27/3/26 |
– Holdings ? Growth |
1 |
|
|
CKN |
Clarkson |
30/3/26 |
? Growth – ROCE |
1 |
|
|
RMV |
Rightmove |
30/3/26 |
– Holdings |
1 |
|
|
IMI |
IMI |
31/3/26 |
? Holdings – Debt ? Growth |
1 |
|
|
FDM |
FDM |
10/4/26 |
– Growth |
1 |
|
|
HILS |
Hill & Smith |
10/4/26 |
– Holdings ? Acquisitions |
1 |
|
|
NXT |
Next |
16/4/26 |
– Debt |
1 |
|
|
BAG |
Barr (AG) |
21/4/26 |
? Acquisitions ? Growth |
1 |
|
|
SAG |
Science |
21/4/26 |
? Growth |
1 |
|
|
ELCO |
Eleco |
9/5/26 |
– Holdings ? Growth |
1 |
|
|
LSC |
London Security |
15/5/26 |
– Holdings |
1 |
|
|
W7L |
Warpaint London |
22/5/26 |
– Shares ? Growth |
1 |
|
|
PETS |
Pets at Home |
9/6/26 |
– Holdings ? Growth |
1 |
|
|
BMY |
Bloomsbury Publishing |
19/6/26 |
– Growth |
1 |
|
|
HLMA |
Halma |
24/6/26 |
? Holdings ? Acquisitions |
1 |
|
|
XPS |
XPS Pensions |
13/7/26 |
? Holdings ? Debt |
1 |
|
|
RWS |
RWS |
8/1/26 |
? Acquisitions – Growth – ROCE |
2 |
|
|
IHP |
IntegraFin |
9/1/26 |
– CROCI |
2 |
|
|
RFX |
Ramsdens |
15/1/26 |
– CROCI ? Growth ? ROCE |
2 |
|
|
REL |
RELX |
19/2/26 |
? Holdings – Debt ? Growth |
2 |
|
|
IHG |
InterContinental Hotels |
26/2/26 |
? Holdings – Debt |
2 |
|
|
DATA |
GlobalData |
2/3/26 |
? Acquisitions – Debt ? ROCE |
2 |
|
|
GSK |
GSK |
6/3/26 |
? Holdings – Debt ? Growth |
2 |
|
|
MONY |
Mony |
9/3/26 |
– Holdings ? Growth |
2 |
|
|
STEM |
SThree |
9/3/26 |
– Holdings – Growth |
2 |
|
|
CTEC |
ConvaTec |
10/3/26 |
? holdings – Debt ? Growth ? ROCE |
2 |
|
|
BNZL |
Bunzl |
17/3/26 |
? Holdings – Debt – Growth |
2 |
|
|
HIK |
Hikma Pharmaceuticals |
18/3/26 |
? Acquisitions – Debt |
2 |
|
|
YU. |
Yu |
18/3/26 |
– CROCI ? ROCE |
2 |
|
|
JSG |
Johnson Service |
19/3/26 |
– Holdings – Debt |
2 |
|
|
ITRK |
Intertek |
20/3/26 |
? Holdings – Debt ? Growth |
2 |
|
|
BA. |
BAE Systems |
24/3/26 |
? Holdings ? Acquisitions – Debt ? Growth |
2 |
|
|
DOM |
Domino’s Pizza |
24/3/26 |
– Holdings – Debt ? Growth |
2 |
|
|
LUCE |
Luceco |
25/3/26 |
? Acquisitions – Debt ? Growth ? ROCE |
2 |
|
|
BBY |
Balfour Beatty |
2/4/26 |
– Holdings ? CROCI ? Growth – ROCE |
2 |
|
|
APTD |
Aptitude Software |
8/4/26 |
– Holdings ? Acquisitions – Growth |
2 |
|
|
IGG |
IG Group |
8/4/26 |
– Holdings – Growth |
2 |
|
|
SPX |
Spirax |
8/4/26 |
– Holdings – Debt ? Growth |
2 |
|
|
SVS |
Savills |
9/4/26 |
– Holdings – CROCI ? Growth ? ROCE |
2 |
|
|
MACF |
Macfarlane |
10/4/26 |
– Holdings – Debt ? Growth |
2 |
|
|
PAGE |
Page |
13/4/26 |
– Holdings? CROCI – Debt – Growth – ROCE |
2 |
|
|
CAML |
Central Asia Metals |
15/4/26 |
– Growth ? ROCE |
2 |
|
|
FEVR |
Fevertree Drinks |
20/4/26 |
– CROCI – Growth |
2 |
|
|
JDG |
Judges Scientific |
22/4/26 |
? Acquisitions – Debt – Growth |
2 |
|
|
WINK |
M Winkworth |
24/4/26 |
– Holdings – Growth |
2 |
|
|
EKF |
EKF Diagnostics |
27/4/26 |
? CROCI – Growth ? ROCE |
2 |
|
|
IOF |
Iofina |
1/5/26 |
? CROCI – ROCE ? Shares |
2 |
|
|
AEO |
Aeorema Communications |
18/5/26 |
– CROCI ? Growth ? ROCE |
2 |
|
|
ASY |
Andrews Sykes |
18/5/26 |
– Holdings – Growth |
2 |
|
|
CARD |
Card Factory |
21/5/26 |
– Holdings – Debt |
2 |
|
|
ANP |
Anpario |
1/6/26 |
? CROCI – Growth ? ROCE |
2 |
|
|
QQ. |
QinetiQ |
10/6/26 |
? Holdings ? Acquisitions ? Growth – ROCE |
2 |
|
|
OXIG |
Oxford Instruments |
23/6/26 |
– Holdings – Growth |
2 |
|
|
REC |
Record |
23/6/26 |
– Holdings – Growth |
2 |
|
|
POLR |
Polar Capital |
3/7/26 |
? Holdings – Growth |
2 |
|
|
17/07/2026 |
|||||
And finally, in September I am swimming two one mile laps of the Serpentine in London, to raise money for Mikuyu Tanzania, a charity that works with local leaders to give children a good quality education. Many years ago I taught in Tanzania for three years, and my family has supported Mikuyu Tanzania for the best part of two decades. If you feel it is a good cause, and you would like to encourage me, your donation would be so welcome!
Richard Beddard
Contact Richard Beddard by email: richard@beddard.net, web: beddard.net
This article is for educational purposes only. It is not a recommendation to buy or sell shares or other investments. Do your own research before buying or selling any investment or seek professional financial advice.
