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The group reported a 6.4% increase in like-for-like sales to £641.1m in the 14 weeks ended 1 August 2020, compared to the 13 weeks ended 27 July 2019.  Like-for-like profit in the fourth quarter was also up 94.4% to £34.4m compared with the previous year.

Full-year sales for the business grew 1/8% to £2.46bn, while profit – before depreciation, amortisation and pension scheme administration cost – rose 68.8% to £106.5m.

Boparan attributed strong sales and profit growth on its successful implementation of its operational turnaround plan and a continuation of the improvements achieved in the previous twelve months.

Turnaround plans

Last month, 2 Sisters secured a £475m bond and an £80m revolving credit facility,​ representing a successful refinancing of the business and enabling it to boost financial performance and generate further cash.

Commenting on the results, Boparan Holdings chief executive Ronald Kers said: “The full-year picture shows further evidence that the turnaround actions implemented over the past two years are translating into sustained financial results. We still see much upside in our business and we will continue our focus on margin growth, becoming a more efficient company while further improving cash generation.

“Besides the financial uplift, we are making significant progress in how we operate, which is being well recognised by customers, suppliers and other stakeholder groups. COVID-19 impacts will undoubtedly continue, but our foundations are now well-set for longer-term sustainable growth.”

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