Poultry integrator Moy Park has reported a significant recovery in profits in 2012, despite a relatively flat sales performance.
According to its latest set of financials, the company – part of Brazil’s Marfrig Group – saw pre-tax profits increase fivefold to £24.4m on turnover of £1.09bn.
“The improvement in profit and trading margins was achieved by a combination of initiatives, including operating cost improvements and productivity initiatives, which helped shield the business from the difficult market environment,” said chief executive Nigel Dunlop.
In particular, he pointed to a better sales mix which helped grow market share, and pledged continued investment in Moy Park’s farming and operational base.
“We will also continue to further develop our commercial capabilities through areas such as innovative food development, consumer insight and effective marketing.”
But Mr Dunlop said he was conscious of feed cost volatility and the challenges it poses to the whole supply chain. “However against the backdrop of still difficult markets, we are pleased with the trading progress to date and we look forward to the future with continued confidence,” he concluded.
The Moy Park Group employs over 10,900 people across 11 processing facilities in Northern Ireland, England and France. It is focused on integrated poultry production, providing locally-farmed poultry, and complementary convenience food products and brands.