Moy Park poultry sales drives Marfrig’s profits
Fresh poultry sales by poultry integrator Moy Park were up almost 20% in the second quarter of 2013, driven by underlying market growth and the securing of new clients, according to results posted by its Brazilian parent company Marfrig Group.
Marfrig as a whole reported 9.4% sales growth to 4.45bn Real (£1.25bn) in the second quarter of the year, driven by its Brazilian beef business, as well as European poultry activities. It also highlights the boost to beef sales in the Far East, in response to the avian influenza outbreak in Asia this year.
Moy Park, the Northern Ireland-based subsidiary reported strong revenue growth, up 6.1% (£18m) compared with the same period in the previous year, while gross margin was also up 9.4% (£5.4m) as better operating efficiency offset higher feed costs.
In response to the figures Marfrig pointed to the fact that key retailers in the UK market wanted more locally-sourced produce in the wake of the horsemeat scandal, in which Tesco subsequently committed to stocking 100% fresh British poultry meat in its stores.
Earlier this year Moy Park became Moy Park Europe, after taking charge of Marfrig Group's European operations - which incorporates beef and pork, as well as poultry.
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