Ranjit Singh, chief executive of the UK poultry and consumer goods company 2 Sisters, has said he expects his business to face “strong headwinds” in 2017 following the uncertainties created after the UK voted to leave the EU.
“The market remains very difficult following the uncertainties around the UK’s decision to leave the EU. Currency-driven inflation and the price-pressured retail grocery market will make next year one of our toughest,” said Singh.
Singh made the comments as 2 Sisters reported a 5% increase in first-quarter sales to £818m (€971m). Operating profits increased 12% to just under £20m (€24m)as operating margins widened 10 basis points to 2.4%. The group’s net position increased by more than £50m (€59m)over the period to £778m (€924m). 2 Sisters remains highly leveraged, with a net debt to earnings ratio of 4.3 times.
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Headquartered in Birmingham, 2 Sisters is the parent company of Green Isle Foods here in Ireland, which manufactures frozen food products including the Donegal Catch, Green Isle and Goodfella’s pizza brands.
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Ranjit Singh, chief executive of the UK poultry and consumer goods company 2 Sisters, has said he expects his business to face “strong headwinds” in 2017 following the uncertainties created after the UK voted to leave the EU.
“The market remains very difficult following the uncertainties around the UK’s decision to leave the EU. Currency-driven inflation and the price-pressured retail grocery market will make next year one of our toughest,” said Singh.
Singh made the comments as 2 Sisters reported a 5% increase in first-quarter sales to £818m (€971m). Operating profits increased 12% to just under £20m (€24m)as operating margins widened 10 basis points to 2.4%. The group’s net position increased by more than £50m (€59m)over the period to £778m (€924m). 2 Sisters remains highly leveraged, with a net debt to earnings ratio of 4.3 times.
Headquartered in Birmingham, 2 Sisters is the parent company of Green Isle Foods here in Ireland, which manufactures frozen food products including the Donegal Catch, Green Isle and Goodfella’s pizza brands.
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