Like for like sales at 2 Sisters Food Group’s parent company Boparan Holdings have risen 1.2% in the third quarter of the year, as chief executive Ronald Kers’ plan takes shape.
Sales in the 13 weeks ending 27 April 2019 rose to £663 million, an increase on £655.4 million in the same period last year. Like-for-like EBITDA for the quarter was up 19% to £21.9 million, the first like-for-like year-on-year EBITDA growth in 10 quarters. Earnings growth has been driven by the company’s UK and EU poultry businesses, the company said.
Chief executive Ronald Kers said: “These results represent the first like-for-like EBITDA growth in two and a half years, providing confidence that the turnaround actions are taking hold.
“There are still substantial challenges the business faces, but these results do represent an important first step in demonstrating that we are stabilising the Group and making sure we follow through with the right set of actions to deliver growth.
“There are more encouraging signs in our Protein and Chilled areas, and crucially our UK Poultry operation will begin to benefit following fundamental changes to our operational planning capabilities.
“Further divisional restructurings will continue, as will a relentless focus on improving our balance sheet position. Lasting change cannot come about overnight, but these results do show our strategy is gaining momentum as green shoots begin to appear.”