August 8, 2024
Moy Park tops Northern Ireland, UK, business rankings amid profit challenges
Moy Park, a leading poultry producer, was identified as the largest business by turnover last year in Northern Ireland, UK, according to an analysis for Ulster Business magazine, BBC News reported.
The company, ultimately owned by the Brazilian JBS group, reported a turnover of GBP 1.88 billion (US$2.3 billion) and a pre-tax profit of GBP 18.7 million (US$23.7 million).
Northern Ireland now boasts six companies with an annual turnover exceeding GBP 1 billion (US$1.27 billion), a significant increase from just one company a decade ago.
The analysis indicates that although the 100 largest businesses in Northern Ireland experienced an increase in sales last year, their profit margins were under pressure. Combined turnover across these firms rose by 17% to GBP 35.2 billion (US$44.6 billion), but total pre-tax profits decreased by 8% to GBP 1.32 billion (US$1.65 billion).
John Mulgrew, editor of Ulster Business, commented that the data suggests rising costs, higher borrowing, and skills shortages are impacting the bottom line for some firms.
- BBC News
