UK poultry giant Moy Park has recorded revenue of over £2 billion for 2023, a big increase of nearly 11% on the previous year.
Moy Park, which is one of Europe's leading poultry producers, said that operating profits rose by 151% to £75.3m, up from £30m in 2022.
However, the Northern Ireland-based company, which works with 700 farms, said that market conditions continued to be challenging last year.
But it pointed to operational improvements and securing contracts with key customers which resulted in 'increased profitability'.
Profit after tax in 2023 was recorded at £55.8 million, up from £19.8 million a year previously, Moy Park said in its report.
“Unrelenting focus on cost control, excellent customer relationships and a culture of constant innovation in an ever changing competitive landscape mitigated some of these challenges,” the company said.
The firm was acquired by US-based Pilgrim’s Pride Group in 2017, which has offered 'great opportunities' for it to continue its journey in delivering growth and operational efficiency.
Moy Park added: “With an experienced management team, a strong product portfolio, a well invested asset base and a robust financial position, we remain confident in the continued success and development of the business."
Looking ahead, it said that 2024 was continuing to show positive progress, with a 'focus on innovation and effective cost control'.
