Moy Park owners Marfrig posts record £18.3m profit

Owners of Northern Ireland poultry processor Moy Park, recorded a profit of £18.3m only 12 months after posting a £38m loss.

Under the ownership of Brazilian company Marfrig sales rose by nearly 6% from £737.7m to £780.6m last year.

These were achieved despite the "challenging conditions" faced by the food industry, the company said.

The figures were revealed in a report filed by Mafrig at Companies House in Belfast. The report puts the considerably improved business performance down to a major restructuring programme in 2008. Moy Park was sold to the Brazilian conglomerate in 2008 for £450m.

Moy Park employs 6,920 full and part time staff in Northern Ireland, England and France.

In May, Moy Park acquired rival processing firm, O'Kane Poultry, creating a combined workforce of 5,000. However the takeover process could result in up to 30 redundancies, expected to be largely administrative roles.

>> Ulster Farmers' Union welcomes Moy Park meeting

>> Moy Park to buy O'Kane Poultry

>> Moy Park production director Eric Reid retires

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