Pilgrim’s Europe’s has reported a 21% improve in income, regardless of a slight drop in income for 2024.
Within the first full-year buying and selling interval because the integration of Pilgrim’s UK, Moy Park, and Pilgrim’s Meals Masters into the unified Pilgrim’s Europe construction, the pork, rooster and lamb producer noticed revenues fall from 4.18bn in 2023 to 4.06bn.
Nevertheless, income elevated from 106m in 2023 to £128.4m after tax, with revenue margins up from 4.2% in 2023 to six% in 2024.
The corporate mentioned its robust efficiency was supported by funding in its manufacturers and infrastructure all year long, driving efficiencies and enhancing combine whereas serving to clients outperform sections of the market.
Funding
The enterprise made £109m in strategic capex investments over FY2024, together with:
- £19m funding in its recent and value-added pork division, with new slow-cooked capabilities at Bodmin, slicing automation at Corsham, new slicing and packing know-how at King’s Lynn and funding within the firm’s Westerleigh and Spalding processing websites.
- Launch of a 3 yr £40m funding programme throughout key poultry websites at Anwick, Ashbourne, Ballymena, Craigavon and Dungannon, aimed toward increasing recent and able to eat poultry capability for core retail and foodservice clients.
- £12m funding in its Meal enterprise as a part of a £40m multi-year funding programme together with upgrades to meals manufacturing services at Windmill Lane and Attleborough.
- As a part of its integration technique, it opened a brand new Shared Companies centre in Northern Eire in June 2024 and this yr invested in a brand new company headquarters in Uxbridge.
Buyer focus
Pilgrim’s Europe President Ivan Siqueira mentioned: “The outcomes show how integration over the previous two years has strengthened Pilgrim’s Europe’s market presence whereas cultivating a extra nimble, customer-focused organisation to additional scale worthwhile progress in 2025 and past.”
“We’re proud to ship a powerful efficiency in our first full yr as Pilgrim’s Europe. We’ve cultivated worthwhile progress by simplifying our construction, optimising our footprint, and investing behind our manufacturers.
“The mixture of innovation, deep buyer partnerships and a rising branded supply has helped us outperform the market in a number of key classes.”
Farmer commitments
Pilgrim’s Europe just lately introduced 20-year contracts for farmers in its pig provide chain, offering them with long-term, sustainable assist.
The corporate was first-to-market supporting Waitrose’s transfer to 100% Higher Rooster Dedication larger welfare normal in April 2025 and just lately introduced a brand new 10-year pork provide cope with the premium UK retailer.
It mentioned this funding was supposed to assist ‘safe provide and drive productiveness, welfare and sustainability which has immediately supported industrial progress’.
Fabio Brancher, Agriculture Director, mentioned: “Delivering sustainable profitability inside our enterprise permits us to take steps to deal with among the elementary points we see in our sector, most notably short-term considering in an trade that requires long-term funding.
“Our new 20-year farmer contracts are a transparent demonstration of how we’re giving these contemplating diversification into pig manufacturing or present producers trying to broaden a novel alternative to construct a enterprise with assured long-term profitability.”
Retail efficiency
In 2024, internet gross sales in key manufacturers grew 5.7% year-on-year in Pilgrim’s £400m branded portfolio and this momentum has continued in 2025.
Fridge Raiders broke into The Grocers Largest Manufacturers Top100 for the primary time and outpaced class progress in quantity and worth at +7% and +6.6% within the second quarter 2025, whereas Rollover posted double-digit worth positive aspects (11.2%), supported by expanded listings and NPD into rooster codecs.
Innovation has helped gas this progress and now contributes over 6% of complete internet gross sales. The corporate launched over 700 new merchandise throughout its non-public label and branded portfolio in 202 and this momentum has continued within the first half of 2025 with an extra 350 new merchandise launched within the interval and a continued concentrate on key model growth.
Retail demand remained secure by way of FY24 and into the primary half of 2025, with poultry and chilled prepared meals performing nicely.
Lamb and pork classes skilled some decreased demand to finish quarter two 2025 attributed to larger value factors amidst ongoing price of dwelling pressures for customers and nationwide insurance coverage hikes for firms. These impacted each client sentiment and demand.
