The first accounts have been published for the combined operations of Pilgrim’s Europe.
Now based in the United Kingdom (U.K.), Pilgrim’s Europe comprises Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters. These operate in the pig meat, poultry meat, and prepared foods sectors, respectively, with facilities also in France, Ireland and The Netherlands.
For the 2023 financial year, total revenue increased by 5.5% year-on-year to GBP4.2 billion (US$5.6 billion), Pilgrim’s Europe reports. It attributes a jump in profits after taxation to GBP106 million last year from GBP27 million in 2022 as evidence of the business’s recovery to pre-pandemic levels. General economic trends of easing inflation and income growth provided further support for the new entity, as consumers increased purchases of chicken, pork sausages, and lamb compared with other animal proteins.
Profit growth continues into 2024
Positive business developments at Pilgrim’s Europe have continued for the first six months of 2024. The group reports that growing consumer confidence is behind the GBP44 million post-tax profit recorded for this period.
Additionally, it reports these improvements as evidence of its executive leadership’s aims to encourage group-wide collaboration, efficiency, and growth. Furthermore, benefits are being realized of a GBP60-million investment program in its larger plants over the past two years, as well as consolidation of administrative processes.
“Since bringing together Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters under the Pilgrim’s Europe structure, we have taken steps to drive operational excellence to become a more customer-focused, efficient organization,” said Ivan Siqueira, president of Pilgrim’s Europe. “These moves have reinforced our ability to return to profitable growth in partnership with key customers.”
More on Pilgrim’s Europe
Based in the U.K., Pilgrim’s Europe operates more than 40 food production facilities in its home base, the Republic of Ireland, France, and The Netherlands. Across these locations, it employs a workforce of around 20,000. The company says it works with thousands of farmers and other suppliers, as well as partners in retail and food service.
Part of U.S.-based Pilgrim’s Pride Corporation – and therefore JBS S.A. — Pilgrim’s Europe comprises Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters.
Pilgrim’s Moy Park poultry business was among the 10 largest producers in Europe in 2023, according to WATTPoultry.com’s Top Poultry Companies survey. Annual output last year included around 260 million chickens.
As well as being the number one U.K. and leading European organic and free-range poultry producer, Pilgrim’s Europe is also the largest provider of higher-welfare pork in its home market, and the U.K.’s top prepared foods business, the company says.
In the latest quarterly report from parent company Pilgrim’s Pride Corporation, the group’s European operation was reported to have delivered US$1.3 billion in net revenue, or around 28% of the total for the period. Adjusted operating income for Pilgrim’s Europe was reported at US$60.7 million, and the related margin was 4.7% for the second quarter of the fiscal year.
