'Solid start' for Northern Ireland's Moy Park to 2015
Northern Ireland headquartered Moy Park Holdings (Europe) has experienced solid growth in revenue and underlying pre-tax profit.
Based in Craigavon, county Armagh, Moy Park has reported that its first quarter results for the 13 weeks to 28 March 2015 saw its revenue hit £353 million compared to £339 million for the same period the year before.
Underlying pre-tax profit also rose from £9.4 million to £10.7 million in what chief executive Janet McCollum said were "good first quarter results".
"Moy Park has made a solid start to 2015 in what continues to be a challenging market," she added.
"We have produced a positive cash flow while continuing to invest in the infrastructure to facilitate our growth."
Revenue growth was driven by good volumes in the UK and Ireland partially offset by commodity input cost deflation, the strengthening of the pound relative to the euro reducing the pound value of European revenues, and lower prices achieved on international sales of poultry dark meats and offal.
In an update to the London Stock Exchange, the company said: "We are pleased with the on-going progress being made in the business and remain confident in the long term success and development of the business.
"We continue to build our business based on the highest quality standards of animal husbandry, production and processing and aim to meet and exceed the ever changing requirements of our customers and consumers.
"We continue to invest in our high quality asset base to ensure we have the capacity in place to facilitate further efficient growth."