Moy Park reveals growth in revenue and volume
Poultry processor, Moy Park, has revealed a 1.4% increase in revenue for the year ending 2nd January 2016 reaching £1,442.3 million.
The company also achieved a 6.7% volume growth, whilst increasing underlying profit before tax by 2% from £44.6 million to £45.5 million.
Additionally, net debt at £154 million reduced by 5.5% compared to 2014.
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% 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 five million chickens per week, which is a significant milestone,” McCollum continued.
“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.”
In September 2015, Moy Park was acquired by JBS, the world’s largest protein company and the second largest global food business.