Pre-tax profits at poultry processor Moy Park fell to £25.6m (€29.4m) for 2022, despite turnover increasing by £305m (€349m) to £1.83bn (€2.1bn).

Operating profit for 2022 was £30m (€34.4m) when a £16.1m (€18.5m) restructuring expense is included, down from £36.1m (€41.4m) in 2021.

In the company’s strategic report, published as part of the accounts, 2022 was identified as “an extremely challenging year” and that, in 2023, “the whole poultry food sector has experienced unprecedented cost increases in feed, utilities and labour”.

Business costs

Moy Park’s business expenses for 2022 were £1.8bn (€2.1bn), up from £1.492bn (€1.7bn) the previous year.

The main increase was in raw materials and consumables, which increased to £1.016bn (€1.165bn) from £789m (€905m) in 2021, while employee costs increased to £313.5m (€360m) up from £289.5m (€332.1m) in 2021, even though the number of employees fell to 9,296, down from 9,657 in 2021.

Moy Park operates fresh poultry sites in Ballymena, Co Antrim; Dungannon, Co Tyrone; and sites at Ashbourne and Anwick in England.

They have prepared foods retail sites in Craigavon, Co Armagh, and Grantham in England, along with food service businesses in France, England and the Netherlands.