Birmingham based leading processor 2 Sisters Food Group has revealed it will invest £150m across its poultry business in a bid to "revolutionise" the division, weeks after confirming plans to plough £55m into its ready meals operation. It comes after the group narrowed losses by almost £140m in its latest financial year.
Pre-tax profit for the three months to August 1 was up from £8.8 million to £16.6m with sales down from £874.5m to £756.8m. For the full year sales for the group were down 8.2% at £3.14 billion with operating profit slipping 34.3% to £58.8m.
However, there were some signs of improvement, with a 17.5% increase in like-for-like operating profit to £22.8m from Q3 to Q4.
Chief executive Ranjit Singh said the poultry division investment would boost the business' supply chain, align it with the needs of its customers and enhance its facilities and technology.
"Our aim is to build a better business," he added. "During 2015 we focussed on costs, efficiency, investment, innovation and deepening customer relationships. The operating environment for our industry remains tough, but we have seen a consistent improvement in our performance across all our divisions."
He said the group was making a number of important investments with the aim of providing customers and consumers with innovative products, better value and reduced waste.
