Pilgrim’s Europe, comprising Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters, reports promising growth in 2023 with revenues reaching £4.2 billion and profits up significantly.
WARWICK, ENGLAND — Pilgrim’s Europe, a unified structure that includes Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters, has reported its first set of financial results since merging into a single entity, and the figures show a promising upward trajectory. For the fiscal year 2023, combined revenues increased by 5.5% to £4.2 billion, with profits after taxation rising to £106 million—up significantly from £27 million in 2022. These results signal a strong return to pre-COVID performance levels for the company.
Key Drivers Behind Financial Success
Pilgrim’s Europe attributes its success in 2023 to a combination of easing inflation and wage growth in the United Kingdom and Europe. These factors led shoppers to shift their purchasing preferences toward more affordable protein options such as chicken, pork sausage, and lamb. This increased consumer demand helped Pilgrim’s Europe see a marked improvement in its financial performance.
The positive trend continued into the first half of the fiscal year 2024, with profits after taxation reaching £44 million, representing a £17 million increase compared to the same period in 2023.
Strategic Investments and Global Diversification
Pilgrim’s Europe has focused heavily on strategic investments to drive growth and improve operational efficiency. The company invested £60 million across its facilities, including a £12 million investment aimed at consolidating and upgrading its Meals facilities in Windmill Lane and Attleborough. These enhancements have strengthened the company’s capacity to meet market demands and improve overall production efficiency.
In addition to these facility upgrades, Pilgrim’s Europe has pursued a global diversification strategy, particularly through its branded and value-added product lines. The company’s branded European portfolio, valued at £400 million, saw a sales increase of over 10% in 2023 compared to 2022. Key brands like Richmond and Rollover posted impressive growth of 13% and 31%, respectively. Branded product growth continued into 2024, with Fridge Raiders and Richmond outperforming category averages by an additional 6% in the first half of the year.
Operational Excellence and Customer-Centric Approach
Under the leadership of Ivan Siqueira, president of Pilgrim’s Europe, the company has made concerted efforts to streamline operations and enhance its customer-focused approach. By bringing together Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters under the Pilgrim’s Europe banner, the company has strengthened its ability to achieve profitable growth while building strong partnerships with key customers.
“We have taken steps to drive operational excellence to become a more customer-focused, efficient organization,” Siqueira said. “These moves have reinforced our ability to return to profitable growth in partnership with key customers. We thank all our customers, team members, farmers, and partners for their support during the transition period as we continue to identify ways to increase our speed to market, simplify operations, and deliver best-in-class customer service and sustainable growth.”
Pilgrim’s Europe: A Leading Player in the Food Industry
With more than 40 food production facilities spread across the United Kingdom, Ireland, France, and the Netherlands, Pilgrim’s Europe is now one of the largest food businesses in the UK and a leading player in the European market. Employing over 20,000 team members and working with thousands of farmers, suppliers, and partners, the company provides essential food services to retail and foodservice operators across Europe.
Pilgrim’s Europe takes pride in its ability to deliver a secure local supply chain and provide high-quality food choices to millions of consumers. The company’s innovative approach to food production and distribution ensures that it continues to meet the evolving needs of its customers while promoting sustainability and growth.
Conclusion
Pilgrim’s Europe’s financial success in 2023, driven by strategic investments, consumer demand, and operational efficiency, positions the company for continued growth in the coming years. As the largest food business in the UK and a leader in the European market, Pilgrim’s Europe is well-placed to capitalize on new opportunities while delivering exceptional value to its customers and partners. Through its focus on innovation, customer service, and sustainability, the company is poised to maintain its positive trajectory and strengthen its role in the global food industry.