An expectation of “strong headwinds in 2017” has been highlighted today by the CEO of the 2 Sisters Food Group, Ranjit Singh, commenting alongside the publication of new quarterly results (Q1) from parent company, Boparan Holdings.
“The positive momentum we saw across the Group in our last financial year continues in our Q1 results, but we expect strong headwinds in 2017 and the business is taking action now to prepare for these challenges,” said Mr Singh, following on from Boparan Holdings’ announcement of a 5.1% growth in total sales for the 13 weeks to October 29, 2016,
“The market remains very difficult following the uncertainties around the UK’s decision to leave the EU. Currency-driven inflation and the price-pressured retail grocery market will make next year one of our toughest.”
Q1 figures for the group’s Protein division, which includes poultry sales, showed overall like-for-like sales rising by 1.0% to £535.4m. Operating profit, however, was down by £2.6m to £6.0m.