Pilgrim’s Europe has announced a strong performance in 2023 and in the first half of 2024 as it files accounts for the Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters businesses.
The accounts are the first to be published under the Pilgrim’s Europe structure and show combined full year revenues for 2023 up 5.5% to £4.2 billion and profits after taxation increasing to £106m up from £27m in 2022.
Easing inflation in the UK and Europe helped the business, while shoppers increasingly traded into chicken, pork sausage and lamb relative to other categories.
In the first half of 2024, the company continued on this trajectory with profits after taxation of £44m, an increase of £17m compared to the same period last year as consumer sentiment continues to improve.
Back office consolidation, coupled with footprint optimisation and a £60m investment programme focused on the company’s larger facilities over 2023 and YTD 2024 are also realising benefits.
The company’s fresh chicken business unit also continues to be a key driver of growth with consumers continuing to recognise chicken’s relative affordability compared to other proteins in H1 2024.
Ivan Siqueira, President of Pilgrim’s Europe, said: “As Pilgrim’s Europe we have come together to form the largest food business in the UK, and one of the leading integrated food businesses in Europe offering unrivalled capabilities, products, service and innovation to our customers. We are proud to provide local security of supply and high-quality food choices enjoyed by millions across the UK and Europe each year.”
Pilgrim’s Europe operates more than 40 sites across the UK, Ireland, France and Netherlands, employing around 20,000.