Protein producer Pilgrim’s Europe has announced a “strong performance” in 2023 and H1 2024 as consumers increasingly traded into chicken, pork sausage and lamb categories.
Provider of pork, poultry and prepared foods, Pilgrim’s Europe, has filed accounts for the Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters businesses. The accounts are the first to be published under the Pilgrim’s Europe structure and show combined FY23 revenues increasing by 5.5% to £4.2 billion and profits after taxation increasing to £106 million up from £27 million in 2022.
Richmond and Rollover brand sales reportedly increased over 13% and 31% in 2023 with branded growth rising a further 6% in H1 2024, as Fridge Raiders and Richmond grew faster than category averages.
The FY23 results were reportedly supported by easing inflation in the UK and Europe and wage growth, while shoppers increasingly traded into chicken, pork sausage and lamb relative to other categories. In H1 2024, the company reported profits after taxation of £44 million, an increase of £17 million compared to the same period last year as “consumer sentiment continues to improve”.
Pilgrim’s Europe found that this demonstrated the “ongoing positive impact” of the measures implemented by its leadership team to driver collaboration, efficiency and growth across the business. It also highlighted that its European portfolio had continued to perform “particularly well”, with net sales growing over 10% in 2023 compared to the full year 2022.
Increasing efficiency across operations
Ivan Siqueira, president of Pilgrim’s Europe, said: “As Pilgrim’s Europe we have come together to form the largest food business in the UK, and one of the leading integrated food businesses in Europe offering unrivalled capabilities, products, service and innovation to our customers. We are proud to provide local security of supply and high-quality food choices enjoyed by millions across the UK and Europe each year.
“Since bringing together Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters under the Pilgrim’s Europe structure we have taken steps to drive operational excellence to become a more customer-focused, efficient organisation. These moves have reinforced our ability to return to profitable growth in partnership with key customers.
“We thank all our customers, team members, farmers and partners for their support during the transition period and as we continue to identify ways to increase our speed to market, further simplify our operations and deliver best-in-class customer service and sustainable growth.”
