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Strong year but Moy Park warns of cost challenges ahead
by portadowntimes.co.uk - 19/10/2011
"SEAGOE-based company Moy Park have reported a positive financial performance in their annual results for the year ending December 31, 2010 but have warned of the future challenges of rising feed and energy prices."
Moy Park, Northern Ireland’s biggest food processing company, achieved a rise in sales revenue of 18 per cent to £921.1m, resulting in a pre-tax profit of £27.8m, which represents three per cent of sales.
Managing director Nigel Dunlop said the company had delivered a solid financial performance in 2010. “We have enjoyed continued business growth and development and as part of the Marfrig Group are now Northern Ireland’s largest food processing company with 10,500 employees across 13 production sites in Northern Ireland, England and Europe,” he said.
“We have continued to invest in our core business, providing fresh, high quality locally-farmed poultry and convenience food products to our customers and consumers across the UK and Europe.
“Our acquisition of O’Kane Poultry in 2010 enhanced our 2010 results and has increased our poultry farming and processing capacity, increased our milling capability and enabled the company to enter the turkey sector for the first time.”
He said that Moy Park are continuing to drive forward a major capital investment strategy and last year reinvested £32m in developing and strengthening the business and to ensure they continued to meet the needs of customers and consumers.
However, Mr Dunlop added that the poultry sector had witnessed major increases in input costs over the past year, representing up to £1 per bird, due primarily to increases in feed and energy prices.
“Agri food is playing a major part in the rebuilding of the local economy. The poultry sector is a crucial part of this, employing thousands of people, and as such it remains essential to ensure that such costs are fully recovered from the market,” he said.
“Moy Park has continued to strengthen its position as a leading food company within the UK and Europe and remains well positioned within Northern Ireland’s largest food processing company, to build upon its achievements to date.”
More Details: http://www.portadowntimes.co.uk/news/local/strong_year_but_moy_park_warns_of_cost_challenges_ahead_1_3154980
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