The 2 Sisters Food Group has reported a £13.3m operating loss before taxation for the 52 weeks ended 27 July 2013 – up from a loss of just £1.3m the year before.
The bakery and meat company, which owns brands including Fox’s Biscuits and Holland’s Pies, saw turnover increase from £778m in 2012 to £855.1m in 2013. Gross profit margin fell from 7.8% to 5.6% over the same period, according to results published by Companies House.
The directors’ report in the results said: “As we enter the new financial year, the increase in feed ingredient prices remains a challenge to the business, as it is for many other food manufacturers. The company is working with customers to recover feed inflation and drive volume and invest in capacity and efficiency.”
It added that 2 Sisters continued to invest in new product development, which the company regarded as essential for success in the medium to long term.
Earlier this month, the company appointed Lochlain Feeley to the newly created role of bakery managing director.
The position will see Feeley head up the company’s bakery team based at Gunstones Bakery in Dronfield, near Sheffield.