2 Sisters reports strong Q3 results
Boparan Holdings, the holding company for 2 Sisters Food Group, has released its third-quarter (Q3) results, showing strong growth.
2 Sisters reported that total sales were up 6.1% to £811.4m, for the 13 weeks ending 26 April 2014, compared with £764.8m for Q3 2013. Like-for-like (LFL) sales were also up 2.4%, at £744.7m.
Ranjit Singh, chief executive of 2 Sisters Food Group, said: “We have delivered an encouraging set of results with good top-line sales growth and improved profitability, in line with our expectations.”
The company also reported solid growth in protein – which comprises poultry, red meat, chilled and frozen meals – with sales up 18% to £535.2m (+4.8% LFL). Singh explained: “We delivered a strong sales performance in protein and made good progress with the Vion Integration, driving profit improvement.”
The company reported cost savings in its protein division through restructuring of its Scottish poultry facilities – namely the closure of its Letham site and restructuring at the Coupar Angus site. Cost savings in its protein division are set to continue next year, with the consolidation of its cooked meats site in Cambuslang and the closure of its Haughley Park site in the first half of 2015.
Meanwhile, Singh said the company was “cautiously optimistic on the future outlook”.
“We continue to adapt to the changing retail and consumer environment and believe we are taking the right actions to drive future growth, as well as to lower our cost base. We remain focused on investing for future long-term growth to build a bigger and better business,” Singh concluded.
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