A prominent Northern Ireland food company has announced plans to double the size of its local business following a £23 million investment, signalling ambitious growth prospects amid a broader landscape of strong performance among the region’s largest firms. The company, which expressed confidence in its ability to operate in every town daily, embodies the resilience and expansion evident within Northern Ireland’s leading businesses this year.

The latest Ulster Business Top 100 report reveals a striking 26% increase in pre-tax profits among Northern Ireland’s biggest companies over the past year, despite overall sales remaining flat at around £35.6 billion. This rise in profitability contrasts with prior trends and underscores improved profit margins and operational efficiencies. Pilgrim's Europe, formerly known as Moy Park, topped the list with a turnover exceeding £2 billion and a remarkable surge in pre-tax profits from £18.7 million to £70.3 million, a leap of 276%.

This latest surge in profitability highlights a shift from earlier reporting that saw average pre-tax profits dipping by 8% the previous year, despite turnover growth of 17% to £35.2 billion. Northern Ireland now hosts six companies with annual turnovers exceeding the £1 billion mark, a significant increase from just one company a decade ago. Moy Park remains a dominant force, with its poultry production business maintained under the Brazilian JBS group, demonstrating the scale and influence of international investment in the local economy.

While sales figures for the largest firms showed variability year-on-year, the broader business environment has seen positive signs, including record sales levels in the 2024 rankings and further growth among smaller companies. For instance, Northern Ireland’s SMEs have experienced robust sales growth of 11.4%, with pre-tax profits also on the rise, exemplified by firms like Skea Egg Farms Ltd, which recorded notable turnover and profitability.

The narrative of Northern Ireland’s business sector is one of cautious optimism, balancing investment and expansion ambitions with navigating variable profit margins and market pressures. The latest £23 million investment by the food company seeking to double its market presence dovetails with these overall dynamics, aiming to leverage the region’s strong commercial foundations to achieve sustained growth.