Pilgrim’s Europe has made a significant comeback, achieving notable financial growth, marking a return to pre-Covid prosperity.
- The company’s profits after tax soared to £106m, a substantial increase from the previous year’s £27m.
- Combined sales for 2023 saw a rise of 5.5%, reaching £4.2bn, supported by easing inflation and wage growth.
- Branded products performed exceptionally well, with net sales increasing by over 10%, driven by popular brands like Richmond and Rollover.
- President Ivan Siqueira highlights operational excellence and customer focus as key drivers behind this success.
Pilgrim’s Europe has experienced a remarkable turnaround, marking a return to pre-Covid levels of profitability. The company’s profits after tax reached an impressive £106m for the full year, a significant leap from £27m in 2022. This growth was bolstered by a 5.5% increase in combined sales, hitting £4.2bn.
The positive financial outcome was facilitated by a combination of easing inflation in the UK and Europe and rising wages. As consumers adjusted their spending, there was a noticeable shift towards purchasing chicken, pork sausage, and lamb, indicating a trend of trading into these meat categories.
In the first half of 2024, Pilgrim’s Europe reported profits after tax of £44m, marking an increase of £17m from the same period in the previous year. Improved consumer sentiment played a crucial role in driving this growth, suggesting a more optimistic market outlook.
The company’s branded products saw substantial growth, with the European portfolio, valued at around £400m, performing “particularly well.” Net sales rose over 10% in 2023 compared to the previous year, with Richmond and Rollover brands leading the charge with increases of over 13% and 31%, respectively. The first half of 2024 continued this trend, with brands like Fridge Raiders and Richmond outpacing category averages by a further 6%.
Ivan Siqueira, the president of Pilgrim’s Europe, underscores the strategic integration of Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters as a pivotal factor in this success. Siqueira states, “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 organisation.” This focus on operational simplicity and customer service excellence has reinforced the company’s prominence in the market.
Pilgrim’s Europe’s strategic initiatives and market adaptations have effectively restored its financial health, demonstrating resilience and growth potential.
