Northern Irish Poultry producer has posted a 1.4% full year revenues increase in 2015 after 6.7% volume growth and strong trading in the UK.
Revenue was up 1.4% to £1,442.3m despite the headwinds of foreign exchange movements, commodity price deflation and lower international sales prices.
These issues partly negated volume growth, with Moy Park processing more than 5 millions chickens per week for the first time during the year.
Underlying EBITDA, before the inclusion of corporate charges from our parent company and exceptional items, increased by 4.4 % to £116.2m in 2015 with margin improving by 30 basis points to 8.1%.
Underlying Profit before tax increased by 2% to £45.5m.
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.
“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.
“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.”
During the year Moy Park saw sales volume growth in the UK & Ireland business across both retail and foodservice, but that was partly offset by commodity price deflation and the lower prices on international sales resulting in revenues rising 3% to £1.1bn.
European revenue of €438.0 million was 6.8% ahead of 2014 with volume growth across our poultry and beef products.
The sales growth comes in a year when Moy Park was acquired by Brazilian meat giant JBS from Marfrig in September 2015.
The Grocer yesterday reported that parent company JBS had revealed its new division to house Moy Park, JBS Europe, saw revenue growth of 1.6% in the fourth quarter.
Moy Park said 2016 “is continuing to show positive progress” for the company.
The firm stated: “Our plan for 2016 and beyond is to continue to invest and grow our business, and we have recently announced major investments in both our “Ready to Eat” and “Fresh Poultry” categories. With an experienced management team, a strong product portfolio, a well invested asset base and a robust financial position, we remain confident in the continued success and development of the business.”
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