2 Sisters unveils quarterly results
Boparan Holdings, owner of 2 Sisters Food Group, has announced a 5.2% year-on-year increase on total sales for the second quarter of 2016-17, compared with the same period last year.
2 Sisters Food Group chief executive Ranjit Singh.
The company says that the increase is in line with expectations.
According to the report, total sales at 2 Sisters reached £833 million for the 13 weeks to 28th January, compared to £792 million the year before, despite what the company described as “tough environment and economic uncertainty”.
Like-for-like sales also increased by 2.6% to £812.8 million during the quarter, while like-for-like operating profits peaked at £18 million, compared to £21.9 million the year before.
In addition, net debt adjusted for the last 12 months before interest, taxes, interest, depreciation, and amortisation was broadly flat compared to the first quarter of 2016-2017, with a ratio of 4.35 times.
2 Sisters Food Group chief executive, Ranjit Singh, noted: “Our results reflect the very tough trading environment we face […] However, there is underlying positive momentum across the business, as we have seen over the past four trading quarters. Sales are rising, and we are well positioned to grow with our customers in new markets.”
Elsewhere, overall like-for-like sales in the company’s protein division in the quarter were up 1.4% at £531 million, along with sales in the chilled division that also saw a 5.9% increase to £175.5 million, compared to the year before.
Sales in the branded division were also lifted by 3.5% to £106.3 million on the year before, after seeing what the company calls “the largest element of inflation in the second quarter driven by both commodity and currency impacts”.
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