Poultry Moy Park revenue falls in challenging market
Sales volume growth – both in its UK and Ireland and continental Europe business units – was up in the third quarter of this year but revenue was depressed by foreign exchange movements, commodity price deflation and lower international sales.
Moy Park’s earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 1.9% to $40.6 mill. in the third quarter – excluding corporate charges from its parent company, the world’s largest meat packer JBS.
Underlying profit before tax grew by 11.8% to $15.8 mill. in the third quarter, before corporate charges, exceptional items and interest on the bond issued last year. Leverage – or the ratio of net debt to EBITDA – was flat at 1.9 times compared to 1.91 times at the end of the second quarter of this year.
Last June JBS acquired Moy Park in a deal worth $1.5 bn. The business – headquartered at Craigavon in Northern Ireland – employs 12,000 people at 14 processing and production facilities in Northern Ireland, England, France, the Netherlands and the Republic of Ireland.