2 Sisters: profits down
Pre-tax profits at Ranjit Boparan’s 2 Sisters Food Group fell by 8% over the 52 weeks to 31 July 2010 to £31.2m, despite an increase in turnover.
Turnover improved by 3.6%, to £672.5m.
Director warned that increases in feed prices remained a challenge to the business, but greater operating efficiencies should help to keep these in check. Operating profits rose 12.4% to £31.6m as administrative costs across the company were virtually halved.
The directors said: “The continued drive to reduce cost has put the business in a firm position to capitalise on opportunities as and when they arise.”
Earlier this week, 2 Sisters announced the appointment of former CEO of ITV, Charles Allen, as the new non-executive chairman of the group. Allen acted as an adviser during the company’s buyout of Northern Foods in March.
Meanwhile, the Netherlands branch of 2 Sisters Storteboom has strengthened its position in the Dutch market after acquiring two family-run poultry companies, Esbro and Branderhorst.
>Former ITV boss heads up 2 Sisters board
>2 Sisters reaches supplier agreement
>2 Sisters: Northern Foods bid succeeds