Moy park sees revenue jump in first quarter
Leading European poultry company Moy Park Holdings has posted its first quarter results showing a 7% jump in revenue to £370.4m.
The company, which was reporting results for the first 3 months of the year, also saw volume growth rise by 7%. UK and Ireland delivered strong volume growth of 9%, while European revenue was 1% higher than last year.
Photo by Mikael Buck/REX/Shutterstock
Revenue growth achieved through poultry sales
Janet McCollum, Moy Park chief executive, said she was pleased with the revenue and volume growth results, adding they had been achieved through the growth of poultry sales, driven by increased operational capacity.
Despite a backdrop of challenging market conditions, Ms McCollum said the underlying performance of the business remained strong, although short-term performance had been impacted by the recent rise in inflation.
“Our unrelenting focus on cost control, strong customer relationships and culture of consistent innovation continues to provide a strong platform for future growth.”
She added that the company was on track to complete its new state-of-the-art hatchery in Newark, Nottinghamshire, later this year, supporting the growth of Moy Park’s UK operations.
“Our business is built on the highest standards of food safety and quality and we are entirely focused on meeting and exceeding the ever-evolving expectations of our customers and consumers. “We remain confident in our ability to continue exceeding these expectations and we are pleased with the momentum in the business,” she said.
Among the company’s highlights for the first quarter was an award for “Excellence in Food Safety” at the Northern Ireland Food and Drink Association awards for its campylobacter reductions across the supply chain.
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