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Moy Park chalks up fivefold increase in profits

Moy Park chalks up fivefold increase in profits

Moy Park has shrugged off higher chicken feed costs to post a fivefold increase in profits.

The chicken processing giant achieved a pre-tax profit of £24.4m in 2012, an increase of £19.6m on the previous year. Turnover was up 1.6% to £1.09bn

Operating cost improvements and productivity initiatives had helped shield the business from the difficult market environment, and had resulted in an improvement in pre-tax profit and trading margins. We were particularly successful in building our market share with existing and new customers; said Moy Park CEO Nigel Dunlop.

Despite Moy Parks strong financial recovery, it remained conscious of feed cost volatility and the continued challenges it posed to the whole supply chain. Moy Park continues to invest materially in its farming and operational base to help grow sales of chicken farmed in Great Britain and Northern Ireland.

In 2011 profits plummeted 82.8% as inflation took its toll on the business.

In April, Moy Park took over responsibility for parent Marfrigs entire European operations including Keystone Europe, Seara and Marfrig.

 

 

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