Moy Park announced that its pre-tax profit rose 334.2% for 2016, according to a statement it issued today (16 March).
This was attributed to 'significant synergies and cost savings across the business.'
Janet McCollum, chief executive of Moy Park, said: “We are pleased to announce another strong full-year financial performance, delivering three per cent volume growth over the period and increasing like-for-like revenue by 4.3 per cent to over £1.4bn."
The leading Northern Irish poultry processor, also saw a 4.3% rise in like-for-like revenue for the 12 months to 31 December 2016.
"We have delivered positive growth in EBITDA and profit before tax, and continued our strategic investment programme, positioning the company well for future growth. This strong performance was delivered against the background of a challenging grocery market." She explained.
The like-for-like growth was driven by favourable exchange rate movements and a three per cent volume sales rise, which was aided by an increase in operational capacity.
She added, “The company’s strong full-year performance was driven by factors including growth in fresh poultry sales, enabled by increased operational capacity, unrelenting focus on cost control, favourable exchange rate movements, and margin improvement."
© 2017 - Checkout Magazine by Donna Ahern