Moy Park has become the north’s first business to achieve an annual turnover of more than £2 billion.
New accounts for the Craigavon-headquartered poultry giant show a 9% increase in annual revenue during 2023 across its European-wide operations, rising from £1.88bn in 2022 to £2.04bn last year.
The food producer recorded a massive 276% surge in pre-tax profit, rising from £18.7m to £70.3m for the year to December 31 2023.
Moy Park’s profits took a hit in recent years from the rising price of feed, utilities and labour.
In the latest financial report, the directors of Moy Park Holdings (Europe) Limited reported commodity deflation towards the end of 2023.
The group also slashed its workforce by 641 people in 2023, cutting staff costs by around £9m to £316.5m.
The company said: “Although the market continued to be challenging, operational improvements and securing contracts with key customers resulted in increased profitability.”
Moy Park, which is owned by the US Pilgrim’s Pride corporation, employed just shy of 9,000 people across 12 sites in Northern Ireland, England, France and the Netherlands during 2023.
The food group has undergone significant restructuring of its business operations in 2024, leading to the departure of a number of senior executives, including Chris Kirke, who departed as Moy Park’s CEO at the start of March 2024.
Ivan Siqueira, president of Pilgrim’s Europe, said: “We’re proud to be Northern Ireland’s first £2bn+ company as we get back on track to pre-Covid levels across the business.
“Since bringing together Moy Park, Pilgrim’s Food Masters and Pilgrim’s UK under the Pilgrim’s Europe structure earlier this year we have taken further steps to drive operational excellence to become a more customer-focused, efficient organization.
“These moves have reinforced our ability to return to profitable growth in partnership with key customers.”
The food group said following the changes, the newly restructured Pilgrim’s Europe now employs around 5,000 people on the island of Ireland across the Moy Park, Pilgrim’s Food Masters and Pilgrim’s Shared Services businesses.
Its five sites in the north include its Craigavon headquarters and manufacturing facility; a new shared services office at Rushmere; and three manufacturing facilities in Ballymena; Dungannon and Enniskillen.
The group also operates from three sites in the Republic: Carrickmacross, Co Monaghan; Shillelagh in Co Wicklow and a corporate office in Dublin.
Alongside the Moy Park brand, Pilgrim’s also owns Denny, Galtee, Richmond and Fridge Raiders.
