Compared with the previous year, 2 Sisters Food Group achieved a 6.7% increase in revenue for the 12 months to July 29, 2023. This helped to reducing its reported operating loss, and loss before taxation.
According to the financial report lodged with Companies House, revenue for the last full year amounted to just over GBP1.52 billion (US$1.93 billion). This compares with around GBP1.43 billion for the previous 12 months, and the company attributed this development largely to price inflation.
At just under GBP1.4 billion, cost of sales was 6.0% higher year-on-year. As a result, gross profit margin improved from 7.6% to 8.2% over the same period.
For the year ended July 2023, operating loss before exceptional costs was GBP15.65 million, and loss before taxation was GBP75.14 million. These were reported as losses of GBP29.52 million and GBP93.76 million, respectively, for the previous year.
Over the reporting period, 2 Sisters Food Group recorded volatility in its performance. This it attributed to a combination of operational challenges and unprecedented retail inflation in response to consumer demand. With pressure of household budgets, the firm reported that consumers switched between products and retailers to a greater extent than in the previous year.
Furthermore, chicken production was adversely impacted by a heatwave at the start of the fiscal year, and by highly pathogenic avian influenza during the winter months.
Closure of the firm’s plant in Llangefni in Wales in March of 2023 contributed to an improvement in overall performance, according to the company, as it reduced fixed costs and rebalanced supply.
According to the firm’s annual report, 2 Sisters Food Group has a workforce of more than 15,000 at its offices and factories in England, Scotland, Wales, The Netherlands, and Poland.
More on 2 Sisters Food Group
With annual slaughterings of 525 million birds, 2 Sisters Food Group is the leading poultry producer in the United Kingdom (U.K.), and the second largest in Europe, according to WATTPoultry.com’s Top Poultry Companies survey.
Manufacturing a wide range of products based on chicken and turkey meats, the company supplies around one-third of all poultry products consumed in the U.K. The firm also has a European Poultry division, much of which is exported to the U.K.
Part of the Boparan Holdings Ltd, 2 Sisters Feed Group supports local communities in a number of ways.
In the past month, it has brought to a local school a demonstration of poultry meat preparation and information on healthy nutrition, and the company has committed to donating five million meals to help relieve food insecurity.
In March of 2024, the company announced the appointment of Nigel Williams as its new Chief Financial Officer.
