Company Report: Moy Park Ltd
Until early in 2015 Moy Park was a wholly owned subsidiary of the large Brazilian company, Marfrig. It operated a wide range of commercial interests in meat and meat products. The (then) parent group also had interests in supplying western Europe from Brazil.
In June 2015, Moy Park was bought by another Brazilian company, JBS S.A. The new parent company is reported to be the world’s largest protein making company and the second largest global food business.
Inter-year comparisons are made more difficult by the inclusion from 2014 of three smaller subsidiary companies from the Marfrig group which had been bought and restated in Moy Park. These are meat businesses in France (2) and Ireland (1).
As part of the revised governance arrangements in 2014 the holding company, Moy Park Holdings (Europe) paid a dividend to the shareholder in the Marfrig Group of £175m and took credit for dividend income of £194m. The accounts of Moy Park Holdings (Europe) reflect the wider financial implications of the whole group including a large bond through which the group raised supplementary capital.
Moy Park is itself a large international organisation with nine processing sites across the UK, Ireland and France. The main activities of this Craigavon based group are in locally farmed poultry and poultry processing. The group also produces and sells a range of complementary convenience food products and brands.
Moy Park is the largest local private sector employer with an average of 9,200 employees in 2015. This is an increase of 3% from 8,954 employed in 2014. A large number of these employees are located outside Northern Ireland. Moy Park also employs a number of other agency employees.
In 2015, turnover continued to enjoy the series of annual increases in each of the last eight years. For the fifth successive year, turnover exceeded £1bn. Operating profits, at £50.6m, despite more competitive international trading conditions, were nearly unchanged compared to 2014. However, pre-tax profits fell by 23%, partly because of exceptional costs of just over £8m.