EUROPE - Major European poultry producer Moy Park has posted strong results for 2015, a period that included the company's acquisition by Brazilian firm JBS.
Moy Park experienced a strong sales volume growth of 6.7 per cent when compared to the prior year, and an increase in revenue by 1.4 per cent to £1,442.3m million in spite of the headwinds of foreign exchange movements, commodity price deflation and lower international sales prices partially offsetting sales volume growth.
Commenting on the results, Janet McCollum, Chief Executive of Moy Park said: “We are pleased to announce a strong 2015 full year financial performance in the face of challenging global market conditions.
"The company achieved 6.7 per cent volume growth and increased underlying profit before tax. This strong performance was delivered against the backdrop of a highly competitive market, foreign exchange headwinds, commodity price deflation and export restrictions.
“One of the highlights for the business was processing, for the first time, over 5 million chickens per week, which is a significant milestone.
“As part of our £170 million strategic investment programme, the company invested £28 million in our industry-leading operations, securing Moy Park’s position as one of the UK’s most advanced food manufacturing companies. A further £30 million was invested in our agricultural base through our farming partners. Positive cash flow throughout the year enabled us to do this whilst reducing net debt."
We continue to build our business to the highest standards of food safety and quality, and to meet and exceed the ever evolving expectations of our customers and consumers."ThePoultrySite News Desk
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