NORTHERN Ireland based chicken giant Moy Park has just reported sales of £1.5 billion generated by a growth in sales of seven percent in its latest set of accounts.
Covering the 2017 trading year, the accounts report that Moy Park, which is Northern Ireland’s biggest company, employed 9,839 people across 10 processing facilities also in England, France and the Republic of Ireland.
Based in Craigavon, Moy Park saw its operating profits increase by 10% to £72.2 million which the company said was “underpinned by a strategy of unrelenting focus on cost control, excellent customer relationships and a culture of constant innovation.”
Since September of 2017 Moy Park has been owned by US company Pilgrim’s Pride which is the world’s second largest chicken producer.
In that same year it invested a total of £40 million which included completion of a new hatchery at Newark that provides capacity of 2.4 million chicks per week.
Turnover for the year was £1.506 billion compared to £1.4 billion in 2016. The balance sheet also indicated net assets of £294.5 million, which demonstrates an increase of 19 per cent compared to 2016.
Gross profit rose from £169.31 million to £178.95 million while retained profit was £59.27 million against £48.99 million the previous year.
Around 6 million chickens per week and 600,000 turkeys per year are produced by Moy Park which supplies 30% of the total UK poultry market.
Over 800 farmers from all over the UK supply Moy Park with poultry which the company says its growth is done to the continued demand for quality locally sourced birds.
Moy Park directors said “Our aim is to be the leading and most highly-regarded food group, providing fresh high quality and locally farmed poultry and complementary food products and brands to customers and consumers by being the most effective, efficient and safe organisation of our kind in the industry.
“Moy Park is built on the highest standards of food safety and quality and we are focused on meeting the exceeding the ever-evolving expectations of our customers and consumers through innovation, food development, consumer insight and category marketing.
“We have invested £40 million in our infrastructure during the year, continuing to secure Moy Park’s position as one of the UK’s most advanced food manufacturing companies.”
However Moy Park highlighted the risks it faces each year including cost of poultry feed, Avian influenza, supply chain effectiveness and changing consumer habits.
Moy Park president Chris Kirke said: “We are pleased to announce a strong financial performance in 2017, delivering volume and revenue growth in what remains a challenging and competitive marketplace.
“As part of our strategic investment programme, we have invested £40m in our 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.
“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.
“Demand for our products remains strong across all our regions and the business is well placed to expand on its position as a leading European food company,” he added.
Moy Park says this year is continuing to show positive progress for the company with continued focus on innovation and effective cost control.