UK: 2 Sisters owner Boparan records Q2 loss
2 Sisters said it remains cautious on the outlook
In the 13 weeks ended 26 January, the company made a loss before tax of GBP7.7m compared to a profit of GBP16.8m last year. Profits were hit by the falling pound and the impact of restructuring costs across the group.
Group operating profit, before restructuring costs, edged up to GBP27.3m from GBP25.6m in the prior year.
The company, which supplies own-label chilled foods and poultry, as well as brands like Fox's biscuits, to UK retailers, said group like-for-like sales climbed 9.6% to GBP626.5m. Like-for-like sales were up 5.4%.
CEO Ranjit Singh said 2 Sisters had delivered a "solid" performance in the quarter, despite the "tough and competitive" market conditions.
Looking ahead, however, the company said it remains cautious on the outlook.
"We expect continued food commodity inflation, volatile feed prices, high levels of promotions and considerable volume impact in the ready meals sector during the second half, following the media coverage on horsemeat," it said.
Bernard Matthews Farms has admitted it may look for outside investment and 2 Sisters Food Group is reportedly considering a bid for the business. Industry watchers believe the UK food giant is the pri...
Two Sisters Food Group has signed a licensing agreement with Premier Foods plc for the production and distribution of its Hovis Breakfast Bakes biscuit range....
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