Strong profits for Northern Ireland's Moy Park

Northern Ireland poultry processor Moy Park reported a 7.1 percent rise in like-for-like pre-tax profit to £18 million in its second-quarter trading update, despite what it described as a "challenging market".

The processor's sales increased 7.4 percent to £391.6 million across the 13 weeks to July 1. Like-for-like earnings before interest, tax, depreciation and amortisation increased 1.2 percent to £33.9 million.

Moy Park's plan to reduce costs and develop new products meant it was confident in maintaining its momentum, despite the challenges of Brexit uncertainty, it said.

Moy Park, based at Craigavon in county Armagh, is Northern Ireland's biggest business with turnover in excess of £1 billion.

The firm's chief executive Janet McCollum said: "In an environment that continues to be impacted by headwinds including cost inflation and uncertainty regarding Brexit, our strategy is delivering robust growth.

"We are confident that we have the ability, adaptability and resilience to maintain the current momentum in the business and build on our position as one of Europe's leading food companies."

Moy Park's UK & Ireland division reported growth of 2.1 percent across the 13 weeks, driven by its fresh poultry and convenience foods. Sales increased 5.5 percent in the division, boosted by recovery of cost inflation.

In Continental Europe, revenue was up 2.7 percent to £106.5 million (€116.2M), driven by volume growth.