Boparan Holdings, parent company of 2 Sisters Food Group, has reported an increase in turnover and profits in its latest annual results for 2024.
Turnover was up 0.5% to £3,049m driven by volume growth in the UK businesses partly off-set by the year-on-year impact of disposals in 2023.
Profit before tax was £35.5m up £63.5m as profit recovered due to operational improvements.
Ranjit Singh Boparan, President of Boparan Holdings Ltd & owner of 2 Sisters Food Group, said: “These results show we have momentum as we continue to transform our business. We have a clear vision for the future and our strategic priorities are focused on doing business responsibly and leaving a legacy of a better business and a better world for the next generation.”
CFO Paul Friston added: “This latest set of results shows solid financial progress and a strengthened financial position, with the Group’s leverage ratio at its lowest level in over a decade. The full-year numbers evidence that the turnaround actions implemented over the past three years are translating into sustained financial results. We see further opportunities in our business as we focus on becoming a more efficient company while continuing to improve cash generation.”
During the year the business continued to see inflation, particularly with regards to labour and other overhead cost increases. The business continued to protect itself against these increases through price increases to its customers.
Net debt of £487.1m reduced by £39.1m largely driven by the recovery in EBITDA and resulted in leverage at an historic low of 3.0x.