Moy Park profits bounce back
The company, which produces poultry and processed food products at 11 sites in Northern Ireland, England and France, reported pre tax profits of £24.4m for the year, up from £4.8 million in 2011. Turnover increased 1.6% to £1.09bn.
“The improvement in pre-tax profit and trading margins was achieved by a combination of initiatives including operating cost improvements and productivity initiatives which helped shield the business from the difficult market environment,” said Moy Park chief executive Nigel Dunlop.
“The sales performance incorporates sales mix improvements and we were particularly successful in building our market share both with existing and new customers. We believe this positions the business even more effectively for the future.”
He added that operations in Northern Ireland had shown particularly strong progress, with Moy Park now a market leader in the region.
Moy Park recently took over responsibility for the European operations of its Brazilian parent company Marfrig, and Dunlop has been appointed as chief executive of the new Moy Park Europe group. He said that the company would continue to invest in its poultry supply chain and look to expand its commercial capabilities through new product development, marketing and consumer insight research.
“Whilst these results show a strong recovery, we remain conscious of feed cost volatility and the continued challenges it poses to the whole supply chain. However against the backdrop of still difficult markets, we are pleased with the trading progress to date and we look forward to the future with continued confidence” he said.