The 2 Sisters Food Group says its “Better Before Bigger” strategy is paying off, despite having to perform in a tough business environment.
Reporting an operating profit of £90.5m, on a turnover of £3.1bn, for the year to July 30, 2016, company CEO, Ranjit Singh, said he was pleased to report another encouraging performance.
However, he then added: “The market remains tough with the uncertainties around the UK’s decision to leave the EU, currency-driven inflation and the volatile grocery market still applying great pressures on the food manufacturing sector.”
In the face of such challenge, the CEO said that 2 Sisters’ investments will unlock cost efficiencies and help accelerate its Protein Footprint Programme.
“This is already beginning to deliver as we see our new Derby site producing Ready To Cook chicken for major customers, while the £45m refurbishment of our Scunthorpe facility is enabling it to increase volume throughput.”
He was also upbeat concerning the chilled division’s “encouraging profit growth” adding that the business will continue to launch new products and win new business.
“Our Better Before Bigger strategy is showing it was the right thing to do for our business and it is delivering promising results,” he said. “We are well positioned to succeed in this tough environment given our close partnership approach with our key customers where quality, service and price will always remain paramount.”