Moy Park sales up but revenue down
Sales volume grew 2% compared to the same period in 2015, reporting a strong performance in its UK & Ireland and Continental Europe business units.
The company’s revenue dropped 1.6% year-on-year to £347.5m which was attributed to Moy Park exiting the canned meat industry.
Moy Park’s net debt reduced to £151m while cash flow was £2.8m for the quarter.
Janet McCollum, chief executive of Moy Park, said: “We are pleased to announce a solid start to the year in the face of a challenging global market. The company has delivered a 32% increase in underlying profit before tax and continues to achieve volume growth. Underpinning this progress is a continued focus on efficiency and cost control, and we are beginning to see the benefits from being part of JBS. This robust performance was delivered against market headwinds including commodity price deflation and a challenging export market.
“We continue to build our business to the highest standards of food safety and quality, and to meet and exceed the ever-evolving expectations of our customers and consumers. These standards have been recognised across our industry most recently at the prestigious Meat & Poultry Processing Awards where we achieved the top award ‘Processing Business of the Year’.”
Looking ahead, the company said: “Following a positive start to the year, we are pleased with the continued progress being made in the business. High quality standards of animal husbandry, production and processing and a determination to meet and exceed the continually changing requirements of customers and consumers remain key to our success.
"We continue to invest in our assets for future growth and with 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.”
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