Annual profits

Annual profits up by 61pc for 2 sisters

In the 12 months leading up to August 1, Boparan Holdings reported sales up 1.8% to £ 2.46 billion.

For the fourth quarter of the year, sake rose 6.4% to £ 641.1million with profits up 94.4% to £ 34.4million as it put in is implementing its turnaround strategy with improved performance driven by poultry and meals in the UK.

2 Sisters is headquartered in Birmingham and has chicken processing plants in West Bromwich and Wolverhampton.

Annual results reflect substantial improvements in core business and solid execution of its strategic plan with improving earnings across all divisions

The poultry division’s sales at constant scope increased by 2.3%.

Ronald Kers, chief executive of Boparan Holdings, said fourth quarter results showed continued acceleration in its financial performance.

“Like-for-like profitability and overall margins are significantly better than last year, despite a negative impact from Covid-19 during the quarter. The full year picture shows further proof that the turnaround actions implemented over the past two years are translating into We still see a lot of potential in our business and we will continue to focus on growing margins, becoming a more efficient business while further improving cash generation.

“In addition to the financial increase, we are making significant progress in the way we operate, which is well recognized by customers, suppliers and other stakeholder groups. The impacts of Covid-19 will undoubtedly continue, but our foundations are now well established for the long term. sustainable growth. “

Ranjit Singh Boparan, Chairman of Boparan Holdings, added: “I am pleased with our resilient financial performance throughout a difficult and turbulent financial year. As a global team, we have achieved a strong set of results in the face of a pandemic and I want to thank all of our colleagues for their hard work and continued dedication. We look forward to refinancing the business, and the board and I look to the future with enthusiasm and confidence.

In June and August, to prevent further spread of the virus, the company temporarily suspended operations at the ita factories of Llangefni in Anglesey and Coupar Angus in Scotland and worked with local public health authorities. Both factories successfully resumed operations about two weeks after the suspension.

The company’s performance from the first quarter of 2020-2021 to the end of October saw a greater impact linked to Covid-19.

The results were negatively impacted by the combination of the temporary closure of the Coupar Angus plant in August; lower sales during the period due to the government’s Eat Out To Help Out initiative; and ever lower selling prices in the catering and wholesale poultry sectors in Europe.

However, the group anticipates a growth in profits at constant scope of 20 to 30% for the quarter.

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