Cost control, innovation drives Moy Park growth
Operating profit for the company was up 10% for the 12 months to 31 December 2017, worth £72.2m. Profit after tax grew 21% to £59.2m.
Moy claimed it had focused on cost management and creativity in spite of a changing competitive landscape and significant commodity cost inflation.
Volume for the company was up 7%, while sales grew 8% to £1.5bn – up from £1.4bn in the previous year. Accident rates were slightly up from the previous year – 89% less than the sector average compared with 90% less in 2016.
£40m investment
President Chris Kirke also announced that the manufacturer had invested £40m in the company’s infrastructure during the year.
“By continuing to invest in our industry-leading agricultural base and state-of-the-art processing facilities, along with a focus on innovation, we ensure a solid platform for future growth,” he added.
“Our business is built on the highest standards of food safety and quality, and we are committed to meeting and exceeding the ever-evolving expectations of our customers and consumers.”
Moy’s latest full-year financial results are the first to be published since the company was bought by Pilgrim’s Pride for £1bn in September last year.
Global player
Reportedly the second largest chicken producer in the world, Pilgrim’s chief executive Bill Lovette at the time said: “Moy Park will position Pilgrim's to become a global player, with an improved and more stable margin profile on the chicken business and an expanded portfolio of prepared foods.”
Meanwhile, in June, Moy Park invested more than £18m across a number of its sites in Lincolnshire as part of its strategy to improve production.
The spend forms part of the company’s ongoing strategic investment programme, focused on enhancing operations across its agriculture and processing facilities, boosting production in response to growing customer demand.
