Boparan Holdings said it has continued to make progress on its strategy of building a “better before bigger” business as it posted a further decline in sales and profit at 2 Sisters Food Group.
The company said sales dropped 3.5% in the three months to 31 October, dipping to GBP778.3m (US$1.2bn). Like-for-like sales were down 2.3%, the company revealed.
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A 40 basis point decline in operating margin meant operating profit fell 17.7% to GBP18.1m in the period. Net profit was down GBP4.3m to GBP1.8m.
At the end of last year, 2 Sisters announced an investment programme that includes the addition of a new production site in Derbyshire, the investment of GBP150m in strengthening its poultry business and the investment of GBP55m in its meal solutions unit. 2 Sisters is also focusing on improving efficiency and strengthening its customer relationships.
CEO Ranjit Singh said the company has the “right strategy” in place, with improvements expected throughout the year.
He commented: “The progress we experienced in Q4 continues in the first quarter as we continue to meet our objective of building a better business. Our focus on costs, efficiency, investment, innovation and deepening customer relationships remain paramount. With the progress we saw in the fourth quarter continuing, we expect to see our hard work bearing fruit as the year progresses.”
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