Moy Park Limited has reported a strong financial performance for the year ended 31 December 2024, with operating profits soaring by nearly 38% despite a fall in revenue.
The poultry producer saw turnover decline by 4.7% to £1.94 billion, down from £2.03 billion in 2023. However, operating profit after restructuring costs rose to £102.1 million, compared with £75.3 million the previous year. The company credited the improvement to operational efficiencies, tighter cost control, and new contracts with key customers.
Moy Park also highlighted its continued investment in innovation and sustainability. The group worked with suppliers and customers to improve nutrition and environmental standards, while also donating meals, funds and support to charities through initiatives such as FareShare.
Moy Park’s parent company is Pilgrim’s Europe, which reported revenues of £4.06bn (down from £4.18bn), and profit of £128.4m after tax (up from £106m in 2023).
Pilgrim’s Europe president Ivan Siqueira said: “the results demonstrate how integration over the past two years has strengthened Pilgrim’s Europe’s marketplace presence while cultivating a more nimble, customer-focused organisation to further scale profitable growth in 2025 and beyond.”
The business acknowledged a series of ongoing risks, including feed price volatility, changing consumer preferences, cyber security threats, and the potential impact of avian influenza outbreaks. To mitigate these, Moy Park said it relies on forward purchasing agreements, consumer insights, robust traceability systems and stringent biosecurity protocols.
The balance sheet showed net assets of £400 million, down from £420 million in 2023. Moy Park said it remains committed to investing in infrastructure, factory standards and efficient cash and debt management.