Boparan Holdings, the parent company of 2 Sisters Food Group, said it “stabilised” its business despite “another challenging quarter”.
The company said this morning (17 March) that lower volumes and price deflation continued to weigh on its second-quarter performance. Total sales in the three month period were down 6% to GBP797m (US$1.18bn). However, excluding one-offs such as the Corby and Avana disposals, Boparan said like-for-like sales were "broadly flat", dropping 1.3%.
Adjusted operating profit was “stable” at GBP13.1m versus GBP13.3m last year. After accounting for the effect of avian influenza and one off items, the company racked up an operating loss of GBP7.6m compared to last year's loss of GBP13.0m.
Boparan was also able to lower its net loss on a reduction in finance expenses. The loss for the quarter after interest and taxation was GBP16.7m compared to GBP27.4m.
Ranjit Singh, CEO of 2 Sisters Food Group, said: "This has been another challenging quarter for the Group. Against this tough backdrop, yet again we have delivered for our customers over the key Christmas trading period. Given the hurdles we are currently facing, we have delivered a creditable performance and are stabilising the business."
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