By Claire Cartmill

Copyright newsletter

UK and European food company Pilgrim’s Europe has reported a robust financial performance for its full fiscal year 2024, posting post-tax profits of £128.4 million – up from £106 million in 2023 – despite a modest dip in revenue to £4.06 billion. The figures mark the first full-year results since the integration of Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters under the Pilgrim’s Europe banner. Profit margins rose to 6%, reflecting operational efficiencies, brand growth and improved product mix. The strong performance was supported by investment in its brands and infrastructure throughout the year, driving efficiencies and enhancing mix while helping customers outperform sections of the market. Pilgrim’s Europe President Ivan Siqueira said: “The results demonstrate how integration over the past two years has strengthened Pilgrim’s Europe’s marketplace presence while cultivating a more nimble, customer-focused organisation to further scale profitable growth in 2025 and beyond.” He added: “We’re proud to deliver a strong performance in our first full year as Pilgrim’s Europe. We’ve cultivated profitable growth by simplifying our structure, optimising our footprint, and investing behind our brands. “The combination of innovation, deep customer partnerships and a growing branded offer has helped us outperform the market in several key categories. Thank you to all our team members for your support in continuing to drive our business forward and enhancing our position as a trusted partner to our customers and farmers whose continued support has made this possible. ” Northern Ireland played a critical role in the company’s performance, with significant investment and strategic focus on its poultry operations in the region. As part of a wider £40 million three-year expansion across core poultry sites, upgrades have begun in Ballymena, Craigavon, and Dungannon to increase capacity and enhance capability in both fresh and ready-to-eat categories. A new Shared Services centre opened in Rushmere in June 2024, further embedding the business in the region. Pilgrim’s Europe has also been tackling sector-wide planning delays affecting Northern Ireland’s poultry industry, particularly around higher welfare farming standards. Justin Coleman, poultry unit director, explained: “We have always welcomed our industry’s move towards higher welfare chicken and continue to support our brilliant partner farmers as the industry evolves and improves. “Changes to stocking densities has prompted us to look at new ways to maintain production levels. We remain determined to resolve challenges in the planning space, which is critical to the viability of many members of our farming community and our own investment plans moving forward. “As part of this, we are investing in world-leading environmental measures in support of circular economy models – like our partnership with the Tully Stream BioEnergy plant. This disposes of chicken litter while creating valuable green energy for the local community as part of a science-based, sustainable economic model for Northern Ireland.” The business invested £109 million in strategic capital projects in FY24 across the UK and Ireland, including £19 million in pork site upgrades and £12 million in its Meals division, alongside its poultry expansion. Brand performance remained strong, with Fridge Raiders® breaking into The Grocer’s Top 100 and Rollover® posting 11.2% value growth. Innovation now accounts for over 6% of net sales, with 700 new products launched in 2024 and momentum continuing into 2025. With continued economic pressures, including cost-of-living concerns and National Insurance hikes, Pilgrim’s Europe remains focused on delivering value, enhancing welfare standards, and investing in infrastructure – with Northern Ireland firmly at the centre of that strategy. Commenting on the segment, Nick Robinson, CCO added: “We’ve expanded our Rollover portfolio into chicken, created additional eating occasions for Fridge Raiders through packaging and are working in close collaboration with key customers to create a series of premium new meal offerings. These items and several others are slated for launch in Q3 2025 and will be supported by marketing investment to foster growth.” The company’s foodservice division saw sales grow by 10% year-on-year in the first quarter of 2025, despite the channel facing a tougher environment towards the end of 2024 as total visits fell compared to prior year. The group plans to further build its presence in pubs and bars, where consumer traffic has shown relative resilience. Retail demand remained stable through FY24 and into the first half of 2025, with poultry and chilled ready meals performing well. Lamb and pork categories experienced some reduced demand to end quarter two 2025 attributed to higher price points amidst ongoing cost of living pressures for consumers and national insurance hikes for companies. These impacted both consumer sentiment and demand. The wider UK pork and poultry industry is also facing on farm space constraints due to industry-wide planning delays and moves to higher welfare BCC and 30kg poultry production across retailers which is constraining plant capacity and investment. Faced with these headwinds, Pilgrim’s is focused on continued operational excellence, diversification, and value-added innovation and collaboration to support key customers to outperform category averages. In Northern Ireland, planning is a specific issue for the integrated poultry processor.