Pilgrim’s Europe has posted a strong set of full-year results, reporting higher profits and renewed commitments to British farmers as the business completes its first full trading year as a unified group.
The meat producer — which brings together Pilgrim’s UK, Moy Park and Pilgrim’s Food Masters under one structure — recorded post-tax profits of £128.4m in 2024, up from £106m the year before, despite a slight dip in revenues to £4.06bn.
Profit margins improved from 4.2% to 6%, driven by investment in brands, infrastructure and efficiencies. President Ivan Siqueira said the results underlined the benefits of integration over the past two years, which had strengthened Pilgrim’s market presence.
“The results demonstrate how integration 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’ve cultivated profitable growth by simplifying our structure, optimising our footprint, and investing behind our brands… 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.”
The company stressed that profitability is enabling long-term commitments to its supply chain. Over the year, Pilgrim’s backed on-farm investment in both poultry and pork, supporting productivity, welfare and sustainability.
It became the first supplier to support Waitrose’s move to 100% Better Chicken Commitment higher-welfare standards from April 2025, and it announced a new 10-year pork supply deal with the retailer.
In a sector often criticised for short-term contracts, the company has introduced 20-year agreements for pig farmers. Agriculture Director Fabio Brancher said: “Delivering sustainable profitability within our business allows us to address fundamental issues in our sector.
"Our new 20-year farmer contracts are a clear demonstration of how we’re giving producers a unique opportunity to build a business with guaranteed long-term profitability.”
Pilgrim’s invested £109m in capital projects during 2024. Highlights included £19m in pork processing, new slow-cooked facilities in Bodmin, automation in Corsham, and upgrades at King’s Lynn, Westerleigh and Spalding.
A three-year £40m programme was launched across poultry sites in Anwick, Ashbourne, Ballymena, Craigavon and Dungannon, boosting retail and foodservice capacity. Its Meals business received £12m as part of a £40m upgrade programme at Windmill Lane and Attleborough.
Retail demand remained resilient in poultry and chilled meals through FY24 and into 2025, although pork and lamb consumption dipped due to higher price points and cost-of-living pressures.
The wider sector is grappling with planning delays, welfare-driven changes such as the Better Chicken Commitment, and plant capacity constraints.
Against this backdrop, Pilgrim’s said it would continue to prioritise efficiency, innovation and partnerships with retailers to help customers outperform category averages.
