Pilgrim’s Europe has reported robust consolidated FY24 results, marking its first full year of operations following the integration of Pilgrim’s UK, Moy Park, and Pilgrim’s Food Masters under the Pilgrim’s Europe banner.
Although revenues dipped from £4.18 billion to £4.06 billion, the company achieved an impressive rise in profit after tax, increasing from £106 million in 2023 to £128.4 million in 2024. Furthermore, profit margins improved significantly, climbing from 4.2% in 2023 to 6% in 2024.
This strong performance reflects ongoing investments in Pilgrim’s Europe’s brands and infrastructure throughout the year, which have enhanced efficiency and product mix.
“The results demonstrate how integration over the past two years 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,” commented Pilgrim’s Europe president, Ivan Siqueira.
“We’re proud to deliver a strong performance in our first full year as Pilgrim’s Europe. We’ve cultivated profitable growth by simplifying our structure, optimising our footprint, and investing behind our brands. The combination of innovation, deep customer partnerships and a growing branded offer has helped us outperform the market in several key categories. 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 whose continued support has made this possible.”
Investment
Overall, Pilgrim’s Europe committed £108 million to strategic capex investments during FY24. This included a £19 million investment in its fresh and value-added pork division, which introduced new slow-cooked capabilities at Bodmin, slicing automation at Corsham, and advanced slicing and packing technology at King’s Lynn, as well as upgrades to the Westerleigh and Spalding processing sites.
Additionally, the company launched a three-year £40 million investment programme targeting key poultry sites at Anwick, Ashbourne, Ballymena, Craigavon, and Dungannon. This initiative aims to enhance fresh and ready-to-eat poultry capacity for both core retail and foodservice customers.
Moreover, a £12 million investment was directed toward its meal business, as part of a £40 million multi-year investment programme that includes upgrades to meal production facilities at Windmill Lane and Attleborough.
In a strategic move, the manufacturer opened a new Shared Services center in Northern Ireland in June 2024 and invested in a new corporate headquarters in Uxbridge.
Innovation
Innovation has become a key driver, contributing over 6% to total net sales. In 2024 alone, Pilgrim’s Europe launched over 700 new products across its private label and branded portfolio. This momentum continued into 2025, with an additional 350 new products introduced in the first half of the year.
Retail and Brand Performance
In 2024, net sales in key brands surged by 5.7% year-on-year within Pilgrim’s £400 million branded portfolio.
Fridge Raiders significantly outperformed category growth, achieving volume and value increases of +7% and +6.6% in the second quarter of 2025. Meanwhile, Rollover experienced remarkable double-digit value gains at 11.2%. This growth was bolstered by expanded listings and the introduction of new chicken formats.
Commenting on this segment, Nick Robinson, CCO, stated: “We’ve expanded our Rollover portfolio into chicken, created additional eating occasions for Fridge Raiders through packaging and are working in close collaboration with key customers to create a series of premium new meal offerings. These items and several others are slated for launch in Q3 2025 and will be supported by marketing investment to foster growth.”
The company’s foodservice division also experienced significant growth, with sales increasing by 10% year-on-year in the first quarter of 2025. This is particularly noteworthy given the tougher environment faced towards the end of 2024, when overall visits fell compared to the previous year. The group plans to further strengthen its presence in pubs and bars, where consumer traffic has shown relative resilience.
Market Dynamics
Retail demand remained stable throughout FY24 and into the first half of 2025, with poultry and chilled ready meals performing particularly well. However, lamb and pork categories saw a decline in demand by the end of Q2 2025 due to elevated price points amid ongoing cost-of-living pressures and national insurance increases for companies, negatively impacting consumer sentiment and demand.
Moreover, the broader UK pork and poultry industry grapples with on-farm space constraints stemming from industry-wide planning delays and shifts towards higher welfare BCC and 30kg poultry production across retailers. These factors are constraining plant capacity and new investments.
