The 2 Sisters Food Group increased profits despite volatility in the retail sector.
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Despite continuing price deflation in the UK grocery market as a result of the supermarket price wars, 2 Sisters Food Group managed to increase profits and margins for the third quarter of its financial year.
Like-for-like operating profits for the three months to the end of April increased more than 13% to £21.4m, with margins expanded 40 basis points to 2.8%. Pre-tax profits increased by more than a quarter to £20.6m with group sales back marginally (-1%) to £773m.
Ranjit Singh, chief executive at 2 Sisters, said it was another positive performance for the business despite the volatile grocery market, deflationary pressure on sales prices and significant uncertainty created from the EU referendum.
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In recent months, industry sources believe 2 Sisters is in line to merge with the Northern Ireland meat processor Dunbia, which has been seeking an investor in the business for a number of months now.
2 Sisters owner Singh also recently completed the acquisition of the Monaghan-based turkey business Grove Farm.
Headquartered in Birmingham, 2 Sisters is the parent company of Green Isle Foods here in Ireland. Green Isle manufactures frozen food products including the Donegal Catch, Green Isle and Goodfella’s pizza brands. Two of every three frozen pizzas sold in Ireland and one in three sold in the UK are Goodfella’s.
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Despite continuing price deflation in the UK grocery market as a result of the supermarket price wars, 2 Sisters Food Group managed to increase profits and margins for the third quarter of its financial year.
Like-for-like operating profits for the three months to the end of April increased more than 13% to £21.4m, with margins expanded 40 basis points to 2.8%. Pre-tax profits increased by more than a quarter to £20.6m with group sales back marginally (-1%) to £773m.
Ranjit Singh, chief executive at 2 Sisters, said it was another positive performance for the business despite the volatile grocery market, deflationary pressure on sales prices and significant uncertainty created from the EU referendum.
In recent months, industry sources believe 2 Sisters is in line to merge with the Northern Ireland meat processor Dunbia, which has been seeking an investor in the business for a number of months now.
2 Sisters owner Singh also recently completed the acquisition of the Monaghan-based turkey business Grove Farm.
Headquartered in Birmingham, 2 Sisters is the parent company of Green Isle Foods here in Ireland. Green Isle manufactures frozen food products including the Donegal Catch, Green Isle and Goodfella’s pizza brands. Two of every three frozen pizzas sold in Ireland and one in three sold in the UK are Goodfella’s.
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