2 Sisters Food Group posts US$4B in revenue
2 Sisters Food Group has reported higher revenue and profit as restructuring efforts take hold
UK – 2 Sisters Food Group has reported annual revenue of nearly US$4.06 billion (GBP3.05 billion) for the 52 weeks ending July 27, 2024, marking a 0.5% increase from the previous year.
The company attributes this modest growth to higher volumes across its main product categories, including poultry, ready meals, and bakery.
These operational gains contributed to a pre-tax profit of around US$47.2 million (GBP35.5 million), reversing the loss reported in the prior 12-month period.
Company owner Ranjit Singh Boparan said the results reflect ongoing efforts to reshape the business for future resilience.
Chief Financial Officer Paul Friston noted that the firm’s leverage ratio has dropped to 3.0x—its lowest level in over ten years—indicating an improved financial position.
He said this performance is the result of a three-year turnaround strategy focused on efficiency and cash generation.
Strategic changes lift margins and earnings
According to financial documents filed with Companies House, turnover rose 6% to more than US$2.14 billion (GBP1.61 billion) over the same financial year.
The group’s gross margin climbed to 14.9% from 8.2% a year earlier, while an operating loss of US$20.8 million (GBP15.65 million) in 2023 turned into an operating profit of over US$126.7 million (GBP95.5 million), before exceptional items.
The company also confirmed that it absorbed assets from Amber Foods Ltd, another poultry-focused firm in the Boparan group, in February 2024, aiding supply-demand balance and profitability.
Performance was further supported by the closure of its Llangefni factory in Wales and increased automation at other sites.
These adjustments helped the group recover from a pre-tax loss of over US$99.7 million (GBP75.1 million) in 2023 to a pre-tax profit of nearly US$72.5 million (GBP54.6 million).
Net profit after tax reached just over US$61.8 million (GBP46.5 million) for the latest financial year.
During the same period, net liabilities were reduced by approximately US$61.9 million (GBP46.7 million), bringing the total to just over US$523.6 million (GBP395 million).
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