Moy Park profits rise 7.1% in ‘challenging market’

By Matt Atherton contact

- Last updated on GMT

Moy Park sales increased 7.4% across the 13 weeks to July 1 (Flickr/Lindsay Holmwood)
Moy Park sales increased 7.4% across the 13 weeks to July 1 (Flickr/Lindsay Holmwood)

Related tags: Moy park, English-language films, Generally accepted accounting principles

Meat processor Moy Park reported a 7.1% rise in like-for-like pre-tax profit to £18M in its second-quarter trading update, despite what it described as a “challenging market”.

The processor’s sales increased 7.4% to £391.6M across the 13 weeks to July 1. Like-for-like earnings before interest, tax, depreciation and amortisation increased 1.2% to £33.9M.

Moy Park’s plan to reduce costs and develop new products meant it was confident in maintaining its momentum, despite the challenges of Brexit uncertainty, it said.

‘Uncertainty regarding Brexit’

The firm’s chief executive Janet McCollum said: “In an environment that continues to be impacted by headwinds including cost inflation and uncertainty regarding Brexit, our strategy is delivering robust growth.

“We are confident that we have the ability, adaptability and resilience to maintain the current momentum in the business and build on our position as one of Europe's leading food companies.”

Moy Park’s UK & Ireland division reported growth of 2.1% across the 13 weeks, driven by its fresh poultry and convenience foods. Sales increased 5.5% in the division, boosted by recovery of cost inflation.

In Continental Europe, revenue was up 2.7% to £106.5M (€116.2M), driven by volume growth.

A strong platform for growth

Strategic investments meant Moy Park had a strong platform for growth, it said. Demand remained strong across all divisions, and the processor was well-positioned to continue increasing sales despite the challenging market.

A Moy Park statement said it was well-placed to expand its business, and was confident of its continued success.

Meanwhile, Moy Park could be sold​ to Chinese agri-food giant New Hope, in a £1bn takeover deal, an industry expert told FoodManucture.co.uk.

Moy Park results – at a glance

  • Sales up 7.4% to £391.6M
  • Like-for-like pre-tax profit up 7.1% to £18M
  • Net debt up £54.1M

Related news

Show more

Follow us

Featured Events

View more

Products

View more

Webinars