Boparan Holdings, the parent company for 2 Sisters Food Group, announces its Q3 consolidated results for the 13 weeks ended 2 May 2015.
The group shows that like-for-like sales are up by 1.1% to £798.7m, and profit after exceptional items for the quarter is £16.3m, up £31m on last year.
Like-for-like revenues for the total Protein division are up 0.8% to £560.9m. Positive volume trends are starting to return in poultry as deflation, passed on to the supermarkets, is starting to filter through to consumers.
Like-for-like sales in the Chilled division continue to improve versus last year to £145.3m, up 1.9%, driven by a strong performance in ready meals.
The Frozen division continues to perform strongly and is ahead of last year in the majority of product sectors. Like-for-like revenue now stands at £92.5m, 2% ahead of last year. The firm is also investing in Frozen pizza capacity to enable new product launches, and it has also secured a contract for more retailer ranges for launch in November 2015.
In Biscuits, the group continues to be pleased with our turnaround and have invested further in marketing and promotions.
CEO Ranjit Singh comments, “This is an encouraging performance and in line with expectations. It underlines our commitment to focus on building a better business which leads the food sector and is passionate about putting customers and consumers first.
“We have said targeted investment will be the key to our future growth, and I’m pleased to announce plans for continued investment in our Protein business with further plans being finalised for investment in our Chilled division. These investments will take our performance and ranges to the next level.
“In our UK poultry division, we have reviewed our operational configuration resulting in announced changes that will go a long way to offsetting the external challenges we face in this market.
“In our Chilled business, we are looking at further investment in capacity to enable us to meet our growth ambitions, and we can report a good performance by our Branded division.
“All this activity sets a very solid foundation for future growth of the business.”