Moy Park has reported a fall in annual profits of 17% after what it said was an “extremely challenging year”.
The integrated poultry company, which operates nine sites in Northern Ireland, England and France, reported operating profits of £30 million in the year to 31 December 2022, down 17% on the previous year. Turnover during the period was up 2% to £1.83 billion.
Performance during the year was affected by cost inflation, which was felt across the whole poultry industry. “Unrelenting focus on cost control, excellent customer relationships, and a culture of constant innovation mitigated some of these challenges,” the directors wrote in the company’s strategic report.
The company said during 2023 it managed to negate some of the additional costs of energy, feed and labour through negotiations with its customers.