British meat producer Cranswick raised its annual forecast on Monday, betting strong UK demand for fresh pork and gourmet products would help offset a drag from weaker export volumes, reported Reuters.

The company has been investing heavily in expanding production capacity and product lines to diversify revenue sources. It recently moved into the pet foods business.

"The group has made a strong start to the year, with momentum continuing into the second quarter with demand remaining resilient in our core UK categories," Cranswick said in a statement.

Meanwhile, revenue rose 14.7% in the first quarter ended June 24, from the same period last year.

The company said tightened pig supply in the UK following the Ukraine war pushed average pig prices up by 28% in the reported quarter.

"Cost inflation continues to be proactively managed and mitigated through tight cost control and ongoing recovery, albeit the rate of inflation is now starting to slow," the company said.