2 Sisters Q3 results ‘in line with expectations’
Boparan Holdings Limited, the parent company for 2 Sisters Food Group, has announced its consolidated results for the 13 weeks ended 28th April 2018.
The report shows continued revenue growth, and total sales up 1.8% to £836.7m.
Like-for like sales are also up 1.3%, and the company states that a successful disposal of Goodfella’s pizza business has helped strengthen the balance sheet.
Like-for-like sales in the protein division in Q3 were up 1.2% to £588m. However, like-for-like operating profit was down by £12.5m; with an operating loss of £5.8m in the quarter.
2 Sisters claims that year-on-year volume growth has been more than offset by the negative impact of beef, poultry and fish price inflation, resulting in a said to be disappointing underlying performance in the quarter.
Ranjit Singh, 2 Sisters Food Group president, said: “During the third quarter we delivered performance in line with our expectations, as messaged in our Q2 call. We have also strengthened our balance sheet considerably with the disposal of the Goodfella’s pizza business.”
Ranjit Singh, president of 2 Sisters.
Ronald Kers joined the business as chief executive on 1st June, and is the former global CEO of Muller.
Singh continues: “The appointment of Ronald Kers as CEO will help to further accelerate the work we have already started to change our business, introducing greater transparency, a stronger colleague voice, and simplifying a complex organisation.
“Under Ronald’s leadership I am confident we can take the business performance to the next level, with our focus on what has always been at the heart of our business – delivering great quality food at competitive prices for our customers.”
2 Sisters claims it is taking clear action to address the disappointing performance in its Protein business and has said it is currently exploring opportunities to drive further efficiency improvement through the business.
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