EUROPE - Leading European poultry producer Moy Park have announced their results for the second quarter of 2015 showing good sales in what their CEO describes as a 'challenging market'.
Some highlights of their results for the 13 weeks ended 27 June 2015 include:
- Revenue increased 1.1 per cent, from Q2 2014, to £360.3 million in a period of commodity price deflation, with good sales volume growth in both the UK & Ireland and Continental European business units.
- Underlying EBITDA, before inclusion of corporate charges from our parent company introduced in Q3 2014, grew 17.4 per cent from £26.6 million in Q2 2014 to £31.2 million in Q2 2015.
- Underlying PBT, before corporate charges, interest on the bond issued during Q2 2014 and the bond re-tap in Q2 2015, grew 23.2 per cent from £10.1 million in Q2 2014 to £12.4 million in Q2 2015.
- Long term funding for the business was increased during the period with a successful bond market re-tap. Senior £100 million 6.25 per cent notes due May 2021, were issued in April 2015.
- Leverage (Net Debt/EBITDA) at the end of the period, following the bond re-tap, is 1.91 times. Leverage at the end of Q1 2015, pro forma for the bond re-tap, was approximately 2.1 times.
Commenting on the results, Janet Mc Collum, CEO of Moy Park said: “The second quarter of
2015 has seen Moy Park continue its solid start to the year in what is a challenging market.
"Our commitment to delivering the highest quality product offering to our customers and
consumers, while maintaining our focus on controlling costs, has enabled us to report solid
second quarter results.
"We have also produced another positive cash flow while continuing our programme of infrastructure investment which will facilitate our continued growth.
"On June 21st 2015, our parent company Marfrig entered into an agreement with the Brazil-based
company JBS to acquire 100 per cent of Moy Park.
"While the ownership of the company will change on completion of the sale, our day to day focus remains very much business as usual and we will continue to deliver on our plans for growth."
You can view the full report by clicking here.
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