The new owners of the Northern-Ireland based European poultry and food producer Moy Park, the Brazilian meat company JBS S.A., the third largest global food business, offers the company exciting opportunities to further develop its business, Moy Park says in its report over the third quarter.
The sale of Moy Park by Marfrig, also from Brazil, to JBS has been completed on September 29th.
Revenue fell despite good sales
In the last quarter, total revenue decreased by £3.4 million (€4.85 mln) to £350.7 million (€500.36 mln) y-o-y, despite good sales volume growth in both the UK & Ireland and Continental Europe. The revenue decrease was driven by the further strengthening of sterling relative to the euro (which reduced the sterling value of European revenues), commodity input cost deflation and lower prices achieved on international sales of poultry dark meats and offal. Sales prices were also impacted by the recent Avian Influenza outbreaks. Underlying EBITDA, before inclusion of corporate charges from the parent company and exceptional items, grew 1.9% to £26.8 million (€38.24 mln).
CEO Janet McCollem comments: "The third quarter of 2015 has seen Moy Park produce a positive performance in a challenging market. Our continued commitment to our customers and consumers, ensuring delivery of the highest quality product while maintaining our focus on controlling costs, has enabled us to further grow our revenue base and improve margins. We have also maintained our leverage level while continuing to invest in our infrastructure to support future growth."