Total sales up at Boparan Holdings
Boparan Holdings Limited, the parent company of 2 Sisters Food Group, has released its consolidated results for the 13 weeks ended 30th April 2016, which reveal total sales are up 0.6% from the previous year.
Ranjit Singh Boparan: “This is another positive performance, with the progress we experienced in previous quarters continuing.” Photo credit Dave Warren.
The company, which has positions in the protein, chilled and branded categories, saw its total sales increase from £779.7m to £784.5m, whilst its operating profit rose 15.9% from £18.9m to £21.9m.
Ranjit Singh, 2 Sisters Food Group CEO, commented: “This is another positive performance, with the progress we experienced in previous quarters continuing and the Group improved total sales and operating profit, despite the volatile grocery market, deflationary pressure and uncertainties around the EU Referendum.”
Like-for-like sales in the protein division, however, fell 2.6% to £533.3m, whilst operating profit fell from £9.4m to £8.9m.
Boparan Holidays has suggested continuing price deflation, combined with a temporary loss of sales in the red meat division, has contributed to the marginal decline.
Despite this the company remains encouraged by the performance. In a statement it said: “We have continued to cement our strong position with leading customers by offering them new products. In addition, poultry performance with our retailers is strengthening due to retail investment in price as competitive positions take root, and we have won new business with customers in primary and added value poultry categories. We should see this new business begin to come through in our new financial year.
“As part of our customer diversification strategy in Red Meat, we have launched a total of ten new frozen products with a national high street frozen retailer, and two of our brands, Posh Butcher and Welsh Butcher, have been successfully launched into Europe as well as the UK foodservice sector.”
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