Northern Ireland chicken processor Moy Park has reported a 7% increase in half year earnings (EBITDA) to £33.5m (€39m) as sales volume growth and cost reductions more than offset lower sales prices. Despite what Moy Park termed “challenging market” conditions, earnings margins widened 50 basis points to a very healthy 9.2%.

Overall, group revenue increased marginally (1.2%) to £365m (€420m), while pre-tax profits jumped 36% to almost £17m (€19m). Moy Park was also able to reduce its net debt position by more than £75m to sit at £138m (€159m), leaving the group quite lowly geared with a net debt to earnings ratio of just 1.16 times. Moy Park chief executive Janet McCollum described the results as solid.

Moy Park is now controlled by JBS, the world’s largest meat processor, after the Brazilian giant paid €1.3bn last year to acquire the Northern Ireland poultry company. The acquisition of Moy Park gave JBS its first significant toehold in the European market and it now plans to move its global headquarters to Dublin.