The makers of Fox’s biscuits and Goodfellas pizzas has announced widening losses and increased debt in its second-quarter results.
Boparan Holdings, the holding company for 2 Sisters Food Group, said losses grew to £27.5m in the 13 weeks to 25 January, up from losses of £12.3m during the same period a year ago. Like-for-like sales grew 3.9% to £647.2m during the quarter. Net debt was up £47.8m to £527.3m.
The performance was in line with expectations, Ranjit Singh, chief executive of 2 Sisters Food Group, said: “This has been a very challenging quarter, but we delivered a creditable performance in Q2, despite the tough and competitive market conditions.”
Branded pizza and biscuits had seen some improvement in performance, said Singh. “We were pleased to see further improvement in branded profitability, with frozen showing significant recovery and biscuits stabilising.”
The company recently launched Goodfella’s Extra Thin and said it was developing a new product pipeline in its biscuits division.