The poultry meat producer and processor, Moy Park, has reported a “solid start to the year” headlined by a 32% rise in underlying profit before tax for the quarter ended April 2, 2016.
Commenting that the solid start had been achieved in the face of a “challenging global market”, the company’s chief executive, Janet McCollum, said Moy Park’s progress was built on a “continued focus on efficiency and cost control”.
She also said the business was beginning to see the benefits from being part of JBS, the global meat packer which acquired Moy Park last year.
“Our robust performance was delivered against market headwinds including commodity price deflation and a challenging export market,” said Ms McCollum.
The 32% rise took the company’s pre-tax figure to £14.1 million, with overlying revenue for the quarter down slightly at £347.5m, a figure which reflected the ending of its canned beef sales since the previous comparative period.
“We are pleased with the continued progress being made in the business,” said the company, adding that it will continue to invest in assets for future growth, backed by an experienced management team, a strong product portfolio and a robust financial position.
“We remain confident in the continued success and development of the business.”