Sharp rises in the cost of feed and other input costs have pared profits at poultry producer Moy Park by nearly two thirds, according to latest results filed at Companies House.
The business, which is considered one of Northern Ireland’s biggest companies, posted operating profits of £36.16 million in 2021, down from £86.2 million in the previous year. Turnover, meanwhile, grew to £1.52 billion from £1.46 billion.
The company, which is owned by US food giant Pilgrim’s Pride, said it had remained profitable despite what it called “a year of unprecedented cost increase in feed, utilities and labour”. Moy Park, similar to other companies involved in the growing of intensive livestock, has been hit by the hike in global grain prices caused by Russia’s invasion of Ukraine and low yields in a number of other regions.
