October 5, 2021

 

Moy Park saw US$16.3 million in costs last year due to COVID-19

 

 
Moy Park, one of Europe's largest poultry processors, chalked up £12 million (US$16.3 million) in costs relating to the COVID-19 crisis last year, newly filed accounts show.

 

However, the company said it was able to offset most of the pandemic-related costs due to operational improvements and reductions in administration expenses.

 

The company, which is owned by Pilgrim's Pride, employs more than 10,200 people in Europe, many of them in Northern Irish facilities in Dungannon, Co Tyrone, Craigavon, Co Armagh and Ballymena, Co Antrim.

 

The company recorded revenues of £1.46 billion (US$2 billion) last year, down 8% on the £1.58 billion (US$2.1 billion) reported in 2019. Despite the decline in turnover, operating profits increased 15.3% to £86.2 million (US$117.3 million) from £75 million (US$102.1 million).

 

Moy Park ended the year with £374 million (US$509 million) in net assets, up 23% versus the £304 million (US$414 million) recorded a year earlier.

 

A £2.6 million (US$3.5 million) dividend was paid to the group's parent, Pilgrim's Pride, which acquired the company in a $1.3 billion deal in 2017.

 

Staff costs for Moy Park totalled £280.7 million (US$382.2 million) in 2020, down from £283.6 million (US$386.2 million) in the prior year.

 

The group said it processed 271.7 million birds last year, as against 289.4 million in 2019.

 

- The Irish Times