Manor Farm Chicken Flags announces ‘big price increases’ for the new year

Scandi Standard, the Swedish owner of chicken processor Manor Farm, is preparing for a “big price increase” at its Irish business in the new year.

Comment on pricing was provided by Scandi Standard Chief Executive Jonas Tunestal during a conference call on third-quarter results.

During the conference call, Tunestal said the Irish company, known as Manor Farm, has so far benefited from “cheap hedging” on input costs and raw materials but is “preparing”. [a] big price increase in the new year”.

“In the coming periods, high electricity prices and great uncertainty in cost development are generally expected in relation to factors such as packaging, logistics and thus also wages,” he said.

“Therefore we are preparing to implement a number of measures needed to protect our earnings.

“We have to be prepared for some lead time and the implementation of necessary price increases in the event of further high inflation.”

In the interim report for the third quarter, Tunestal writes that the sustainability indicators, including the use of antibiotics and the condition of the footpads, were worse than in the previous year.

This was “mainly driven by Ireland”.

He added that Scandi has launched an initiative to increase supplier transparency on animal welfare, climate and environmental issues.

On sustainability indicators, Julia Lagerqvist, chief financial officer at Scandi Standard, said during an analysts’ call that animal welfare numbers were “unacceptably high”.

“This is mainly due to a drop in Ireland’s performance,” she said. “We have added group resources to address these issues, but lead times mean results will not be visible until over the next year.”

According to the interim report, the Irish company reported net sales of 593 million kroner (55 million euros) in the third quarter, up from 488 million kroner in the same period in 2021. Group-wide net sales reached 3,202 million kroner.

https://www.independent.ie/business/irish/manor-farm-chicken-flags-large-step-up-in-pricing-in-new-year-42138154.html Manor Farm Chicken Flags announces ‘big price increases’ for the new year

Fry Electronics Team

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