2 Sisters Food Group shows continued growth in its Q1 results
The 2 Sisters Food Group’s like for like year on year profits in Q1 were up 42.4% but sales were down to £677.1m from £708.3m for the same period last year.
Ronald Kers, CEO, 2 Sisters Food Group, said: “Our new financial year starts with another quarter of double-digit like-for-like earnings growth for the Group, providing more evidence that the positive actions we have made in previous quarters are paying off. Turnaround outcomes are being realised and we’re seeing improved margin performance and encouraging performance in all our divisions.
“Recovery across our Group continues and the unrelenting focus on cost control, reduction and cash generation is bringing more positive results and gives the business a strong platform for this new financial year.
“Our UK Poultry operation is seeing further evidence of turnaround, our EU business is expanding for the future, and all divisions have seen EBITDA benefits as a result of positive commercial initiatives, efficiency improvements and overhead reductions.
“We have concluded the consultation period on the Pennine Meals factory and we will proceed with closure plans prior to the end of our financial year. These are the right actions to take and our priorities remain improving core business performance, strengthening the balance sheet, and focusing on cash generation.”