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Food

Potential Flotation for Moy Park

By Publications Checkout

Moy Park, the Northern Irish poultry producer, could be floated on the London Stock Exchange with a value of approximately £1 billion.

According to reports, Marfrig the Brazilian owner of Moy Park is exploring plans for a public offering.

Marfrig released its interim results last week which saw Moy Park's revenue rise 18.2 per cent to 1.3 billion Brazilian Real (£354.4 million) during the quarter to 30 June. Its margins rose from 5.9 per cent to 7 per cent.

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Marfrig said, “We continue to exploit alternatives to accelerate growth at both Moy Park and Keystone [its American subsidiary]. Moy Park successfully tapped the sterling bond market in May 2014, opening up our story to a host of new and important UK investors.

“We believe Moy Park could be well positioned for an IPO if we decide to pursue that path.”

Moy Park issued £200 million worth of bonds earlier this year, which was seen as a precursor to flotation.

It has been a good year for Moy Park; it announced a £170 million expansion in Northern Ireland and the creation of over 600 jobs to add to the 5,000 staff already employed there. Moy Park also enjoyed extensive exposure during this year's World Cup, as Marfrig was one of the main sponsors, which gained it new customers in the form of supermarkets and individual shoppers.

Marfrig acquired Moy Park in 2008 for £400 million as part of its to expand its food empire. However Marfrig is now looking to reduce its debt of approximately £1.9 billion.

Moy Park has not yet commented on the speculations about the flotation.

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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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