MOY PARK has described its financial performance in its most recent accounts as ‘solid’ despite unprecedented events.

Revenue at the poultrymeat processor in the 12 months to 31 December 2020 was £1.4bn, 8% down from £1.6bn a year earlier, while pre-tax profits grew from £70m to £82m.

See also: European poultry markets in ‘fragile balance’

The firm said higher profitability was down to “unrelenting focus on cost control, excellent customer relationships and a culture of constant innovation”.

But directors warned of a “changing competitive landscape and market still facing cost inflation”.

Brexit preparations and the covid-19 pandemic were cited as specific challenges, with direct costs of covid coming in at around £12m.

The company also said it invested £56m in the year in infrastructure, and the firm’s balance sheet shows net asset growth of 23% to £374m when compared with the previous period.

The company employed 10,209 people across 12 processing facilities in Northern Ireland, England, France and the Netherlands in the period.