Boparan Holdings, the owner of UK company 2 Sisters Food Group, has reported annual higher losses after its bottom line was hit with restructuring charges.
For the full year ended 2 August, the firm reported a loss of GBP143.3m (US$224.4m) compared with a loss of GBP33.5m for the same period last year.
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Higher losses were attributed to restructuring costs and financial charges associated to refinancing the group’s debt capital. Operating profit fell 2.9% to GBP89.5m.
Sales, however, were up 18.5% to GBP3.42bn. On a like-for-like basis sales rose 2.4% to GBP2.87bn.
CEO Ranjit Singh said the business was still committed to efficiency improvements.
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“We have made a series of tough decisions and taken action throughout the year to ensure we build a strong foundation for our business which will set us up for success in the longer term.
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By GlobalData“We expect the economic environment to remain tough and we will work to deliver quality and value to consumers. We are committed to investing in our brands, innovation and our people as we take the group to the next stage of its development.”
