Operating profit at Moy Park Holdings increased 33% to £98.1m in 2024
Moy Park Holdings, which is owned by Pilgrim’s Europe, reported a dip in turnover but a 33.9% jump in operating profits to £98.1 million million for the full year 2024.
The company, which began as a family-run farm in Co. Tyrone in 1943, reported a 3.9% fall in group turnover to £1.96 billion in its latest annual report for the year ending December 2024.
Moy Park is one of Europe's largest poultry producers and supplies both branded and own label poultry products to major retailers and foodservice providers throughout the UK, Ireland and Europe.
It also produces beef, vegetarian products and desserts.
According to its 2024 annual report while the market last year "continued to be challenging" operational improvements and securing contracts with key customers delivered increased profitability for the group.
It also highlighted in the report that food safety and animal welfare is "integral" to the company.
"Key Performance Indicators (KPIs) are set on all farms to ensure health and welfare targets are met across the supply base," it stated.
Separately Moy Park said climate risk has been identified as one of its "material sustainability risks" and said it is committed to minimising its impact on the environment.
"To achieve this the company has targeted to accomplish net zero goal by 2040.
"Various projects implemented to achieve this target include renewable energy from biomass, biogas, solar and heat technologies, electrifying the company's fleet and regenerative farming practices including carbon sequestration and on-farm emission mitigation technologies," the company said.
Moy Park stated that its "balance sheet has remained strong" in 2024 with net assets of £589.1 million.
The company paid dividends of £98.3 million last year.
The accounts also detail that Moy Park "paid an interim dividend of £50,582,916 on March 24, 2025 and £73,918,629 on June 24, 2025 in respect of profits earned during the year ended December 29, 2024".
Pilgrim’s Europe has also released its consolidated full year 2024 financial statements which includes results from Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters.
The group stated that revenues totaled £4.06 billion, down from £4.18 billion previously while profits grew to £128.4 million.
It outlined that retail demand remained stable throughout last year and also into the first half of 2025, with poultry and chilled ready meals performing well.
"Lamb and pork categories experienced some reduced demand to end quarter two 2025 attributed to higher price points amidst ongoing cost of living pressures for consumers and national insurance hikes for companies.
"These impacted both consumer sentiment and demand," the group warned.
