Boparan Holdings Limited, the parent company for 2 Sisters Food Group, has announced its consolidated results for the 13 weeks ended 27th April 2019.
Its total sales were shown to be down 14.4% to £665.4m but its like for like (LFL) EBITDA for the quarter was up 19% to £21.9m.
Ronald Kers, CEO, 2 Sisters Food Group, said: “These results represent the first like-for-like EBITDA growth in two and a half years, providing confidence that the turnaround actions are taking hold.
“There are still substantial challenges the business faces, but these results do represent an important first step in demonstrating that we are stabilising the Group and making sure we follow through with the right set of actions to deliver growth.
“There are more encouraging signs in our Protein and Chilled areas, and crucially our UK Poultry operation will begin to benefit following fundamental changes to our operational planning capabilities. The news from our Gunstones Bakery business is also a positive sign of turnaround, and we are determined to ensure investments we have announced in UK Poultry and Fox’s Biscuits deliver the returns we expect.
“Further divisional restructurings will continue, as will a relentless focus on improving our balance sheet position. Lasting change cannot come about overnight, but these results do show our strategy is gaining momentum as green shoots begin to appear.”
Other Q3 highlights included:
Continued focus on margin improvement
• Full quarter impact of closure of 5 Star Fish and Cambuslang facilities.
• Return to sustainable profitability at Gunstones Bakery.
• Next stage of UK Poultry footprint changes under consultation.
• Restructure of Fox’s Uttoxeter facility progressing to plan, with cost reductions expected 19/20.
Balance sheet strengthening remains a priority
• Disposal of Green Isle Brands business in the quarter
• Beginning of sale process for Matthew Walker