Pilgrim’s Europe reports profit growth despite revenue dip
Company records higher margins and invests heavily in brands and infrastructure amid changing market conditions
EUROPE – Pilgrim’s Europe has reported a rise in profit for the 2024 financial year despite a slight fall in revenue, marking its first full year since integrating Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters into a single operating structure.
The company’s revenue for FY2024 slipped to about US$4.95 billion (from US$5.09 billion in 2023), but profit after tax climbed to roughly US$156.6 million (up from US$129.4 million).
Pilgrim’s said the improvement in profitability reflects efficiencies gained through integration, brand investment, and infrastructure upgrades that helped improve product mix and customer performance in key markets.
According to company president Ivan Siqueira, the consolidation over the past two years has strengthened Pilgrim’s Europe’s market position and allowed for faster decision-making and closer collaboration with retail partners.
He added that the group’s efforts to simplify its structure, enhance its footprint, and focus on branded offerings have driven results across several categories.
During the year, the business invested around US$133 million in capital projects, with US$23 million allocated to its fresh and value-added pork operations and a further US$49 million committed to a three-year poultry investment plan.
Another US$14.6 million went into the company’s meals division as part of a broader US$49 million multi-year programme aimed at expanding capacity and product innovation.
As part of its restructuring, Pilgrim’s also opened a Shared Services Centre in Northern Ireland in mid-2024 and established a new corporate headquarters in Uxbridge, England.
Innovation and branded sales drive momentum
Pilgrim’s introduced more than 700 new products across its private-label and branded ranges in 2024, with innovation now accounting for over 6% of total sales.
The company said its sustainability initiatives have supported growth, including collaboration with UK retailer Waitrose on its 100% Better Chicken Commitment standard introduced in April 2025 and a newly signed 10-year pork supply deal.
Sales in Pilgrim’s branded portfolio, worth approximately US$489 million, rose by 5.7% year-on-year, a trend the group said has continued into 2025.
Its Fridge Raiders line outperformed the category with a 7% rise in volume and a 6.6% increase in value during the second quarter of 2025, while the Rollover brand achieved 11.2% growth after expanding into chicken-based offerings.
Meanwhile, the company’s foodservice arm saw a 10% rise in sales in the first quarter of 2025, although the latter part of 2024 brought weaker demand as dining visits declined.
Shifts in consumer demand
Pilgrim’s noted that retail demand remained steady for poultry and chilled ready meals through late 2024, but lamb and pork sales softened in the first half of 2025 due to cost-of-living pressures and higher price points.
The company added that industry-wide challenges, including on-farm space limitations and planning delays tied to higher welfare standards, are constraining production capacity.
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