2 Sisters Food Group has reported an annual loss of £93.8 million before taxation in the year to 20 July 2022. The company’s turnover for the same period increased to £1.425 billion.
The figures are a small improvement on the year before, when turnover was £1.407 billion and the loss recorded reached £95.5 million.
The increase in turnover of 1.3% was attributed by the directors to new product launches and customer tender wins. The gross margin has increased from 6.4% to 7.6% over the year. The performance of the business was significantly impacted by inflation, particularly due to the scale and speed of the increase in costs. The company said in the second half of the year it was able to implement an “inflation recovery programme”, which alongside more stable operations, improved performance.
The second half of the period also benefitted from the disposal of a loss making part of the poultry operation in the Derby and Sunderland sites.