Moy Park Reports Strong Recovery in 201203 May 2013
UK - Poultry processor Moy Park has announced a strong trading performance in 2012, with a material recovery in pre-tax profits from £4.8 million in 2011 to £24.4 million in 2012.
The Moy Park business is focused on integrated poultry production, providing fresh, high quality locally farmed poultry and complementary convenience food products and brands to the UK, Ireland and Europe.
Moy Park CEO Nigel Dunlop said: "Despite a difficult economic and trading environment, Moy Park delivered a strong trading performance in 2012. The business grew its turnover by 1.6 per cent to £1.09 billion and has posted profits of almost £25 million.
"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.
"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."
Mr Dunlop continued: "In line with our strategy, and to support our customers' requirements to grow sales of chicken farmed in Great Britain and Northern Ireland, we will continue to invest materially in our industry leading farming and operational base. We will also continue to further develop our commercial capabilities through areas such as innovative food development, consumer insight and effective customer and category marketing. We have been particularly pleased with the progress made with the Moy Park brand in Ireland where it is market leader.
"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 concluded.
The Moy Park Group employs over 10,900 people across 11 processing facilities in Northern Ireland, England, and France. The business is part of the Brazilian Marfrig Group, a leading player in the global meat industry.
ThePoultrySite News Desk