WARWICK, ENGLAND — Since becoming a single structure known as Pilgrim’s Europe — encompassing Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters businesses — the company posted its first financial performance results, which proved to be promising ones.

The accounts’ combined revenues in the fiscal year 2023 increased by 5.5% to £4.2 billion, while profits after taxation increased to £106 million, up from £27 million in 2022, as the company returns to pre-COVID levels.

Pilgrim’s Europe credits the improvements seen in 2023 to easing inflation in the United Kingdom and Europe, coupled with wage growth. Shoppers began to increasingly trade into chicken, pork sausage and lamb relative to other categories.

The first half of the fiscal year 2024 built upon last year’s positive trajectory, with profits after taxation reaching £44 million — an increase of £17 million compared to the same period last year.

Pilgrim’s Europe invested £60 million to focus on the company’s larger facilities, including a £12 million investment to consolidate and upgrade its Meals facilities in Windmill Lane and Attleborough.

The company’s global diversification strategy into branded and value-added items has seen success as the £400 million branded European portfolio continues to perform well. Net sales grew over 10% in 2023 compared to the full year 2022. Richmond and Rollover brand sales increased more than 13% and 31% in the period. Branded growth rose an additional 6% in the first half of 2024, as Fridge Raiders and Richmond grew faster than category averages. 

Consumer sentiment continues to improve, Pilgrim’s Europe said. In addition to the external environment becoming more favorable, Pilgrim’s Europe believes its strong performance is reflective of the strategic measures implemented by its executive leadership team.

“Since bringing together Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters under the Pilgrim’s Europe structure we have taken steps to drive operational excellence to become a more customer-focused, efficient organization,” said Ivan Siqueira, president of Pilgrim’s Europe. “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 and as we continue to identify ways to increase our speed to market, further simplify our operations and deliver best-in-class customer service and sustainable growth.”

Pilgrim’s Europe operates more than 40 facilities, including well-invested food production plants, across the United Kingdom, Ireland, France and Netherlands. The company employs 20,000 team members and works with thousands of farmers, suppliers, foodservice operators and retail partners.

“As Pilgrim’s Europe we have come together to form the largest food business in the UK, and one of the leading integrated food businesses in Europe offering unrivalled capabilities, products, service and innovation to our customers,” Siqueira said. “We are proud to provide local security of supply and high-quality food choices enjoyed by millions across the UK and Europe each year.”