Moy Park profits drop in Q2
Poultry specialist Moy Park saw pre-tax profits for the second quarter (Q2) fall by 29.8% on the same period in 2014.
The pre-tax profits fell from £8.3m to £5.8m for the 13 weeks ended 27 June 2015. This was against a revenue increase of 1.1% from £356.4m in Q2 2014 to £360.3m for the same period this year.
The revenue increase was driven by good volume growth in both the UK and Ireland and Continental Europe. This was partially offset by commodity input cost deflation, the strengthening of sterling relative to the euro and lower prices achieved on international sales of poultry dark meats and offal.
Janet McCollum, CEO of Moy Park, said: “The second quarter of 2015 has seen Moy Park continue its solid start to the year in what is a challenging market.
“Our commitment to delivering the highest-quality product offering to our customers and consumers, while maintaining our focus on controlling costs, has enabled us to report solid second-quarter results. We have also produced another positive cash flow while continuing our programme of infrastructure investment which will facilitate our continued growth.”
In June, its parent company Marfrig entered into an agreement with the Brazil-based JBS to acquire 100% of Moy Park.
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