Moy Park has announced a 6.6% increase in sales in the first quarter of 2017.
The firm, which is owned by JBS, revealed the figures in its latest financial results covering the 12 week period to 31 March, which it has just published.
Net revenue rose to £370.4 million in 1Q17, 6.6% higher when compared to 1Q16, mainly from a 24.9% increase in fresh poultry domestic volumes, partially offset by lower sales prices in the same segment.
EBITDA fell slightly to £30.2 million, compared to £30.6 million EBITDA posted for 1Q16. Excluding this effect, performance in relation to 1Q16 would have been positive, thanks to strong operational performance and volume growth.
Moy Park recorded volume and revenue growth in 1Q17, mainly due to a positive performance of the fresh poultry segment, thanks to a larger operational capacity. Management remains focused on cost control, strong customer relationships and on its culture of constant innovation providing a secure platform for future performance, the firm said.
Commenting on the results, Janet McCollum, Chief Executive of Moy Park, said: “We are pleased to announce good revenue and volume growth in the first quarter of 2017. This has been achieved primarily through the growth of our fresh poultry sales, driven by increased operational capacity, and despite the backdrop of challenging market conditions.”
“As expected, short term performance has been impacted by headwinds including cost inflation. However, the underlying performance of the business remains strong and our unrelenting focus on cost control, strong customer relationships and culture of constant innovation continues to provide a strong platform for future growth.
“As part of our strategic investment programme we are on track to complete our new state of the art hatchery in Newark, England, this year, which supports the growth of our 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. Our strategic investment programme has led to significant operational improvements across Moy Park, and as a result our underlying business is in excellent shape. Accordingly, we remain confident in our ability to continue exceeding these expectations and we are pleased with the momentum in the business.”