Pilgrim’s Europe reports strong financial performance in 2023, early 2024

EUROPE – Pilgrim’s Europe has reported robust financial results for 2023 and the first half of 2024, releasing its latest accounts for Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters. 

The figures mark the first publication of accounts under the Pilgrim’s Europe umbrella.

Pilgrim’s Europe is the UK’s largest supplier of higher welfare pork, the top producer of organic and free-range poultry in the UK and Europe, and a leading player in the UK’s prepared foods sector.

The company’s full-year 2023 revenue rose by 5.5%, reaching £4.2 billion (US$5.6B), with profits after tax jumping to £106 million  (US$274.5M), a significant increase from £27 million  (US$35.9M) in 2022. 

These results were driven by improving inflation rates in the UK and Europe, coupled with wage growth. 

Consumers also shifted their purchasing habits, opting more for chicken, pork sausages, and lamb over other products.

Operational changes included back-office consolidation and optimizing its production footprint, alongside a £60 million (US$79.9M)investment in its larger facilities. 

This investment program, spread over 2023 and the first half of 2024, included £12 million (US$15.9M) allocated to upgrade its Meals facilities at Windmill Lane and Attleborough.

The Pilgrim’s UK pork division posted a profit of £39.5 million (US$52.6M)in 2023, continuing its recovery after several years of losses.

In 2023, net sales rose by over 10% compared to 2022, with the Richmond and Rollover brands seeing growth of 13% and 31%, respectively. 

Pilgrim’s Europe operates more than 40 food production sites across the UK, Ireland, France, and the Netherlands.

Globally, Pilgrim’s Pride Corporation achieved its highest-ever quarterly earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter of 2024. 

The company reported EBITDA of US$655.9 million, up from US$248.7 million during the same period in 2023.

The EBITDA margin for the quarter stood at 14.4%, representing an 8.6 percentage point increase compared to the previous year. 

In the second quarter of 2024, Pilgrim’s posted net sales of US$4.6 billion, up 5.8% from the previous year, with an operating margin of 9.7%. 

The company’s net income reached US$326.5 million, reflecting a 17% improvement from the second quarter of 2023.

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