Revenue at Northern Ireland poultry integrator Moy Park, the country’s largest private employer, was up 7.4% in its 2nd quarter but profits failed to rise in line with turnover.
In a trading statement covering the 3 months to 1 July Moy Park highlighted volume growth of 2% and sales totalling £391.6m. Profits were almost flat, at £11.6m, 0.8% up on the same quarter in 2016.
Also read: JBS puts Moy Park on the market
Operational highlights include “continued progress” of investment, in particular at the company’s Newark hatchery and focus on efficiency across the business.
Commenting on the results, Janet McCollum, chief executive of Moy Park, said: “The 2nd quarter of 2017 has seen Moy Park build on a solid start to the year, delivering volume and revenue growth across all product categories and improving underlying profit before tax by 7% in what remains a challenging market.
“In an environment that continues to be impacted by headwinds including cost inflation and uncertainty regarding Brexit, our strategy of unrelenting focus on cost control, strong customer relationships and a culture of constant innovation is delivering robust growth.
Moy Park, a wholly owned subsidiary of Brazilian agri-giant JBS, is currently up for sale with the parent company keen to raise cash and simplify its business.
In a trading update earlier in August JBS chairman Wesley Batista said it was “advancing” the sale of its subsidiary.
More recently, Chinese food and farming business New Hope Group has been linked with a potential purchase.
Its chairman Liu Yonghao is undertaking a $1bn investment programme in Australian businesses as he feels domestic demand for meat will not be met by production within China.