{"id":2027893,"date":"2019-03-27T08:14:15","date_gmt":"2019-03-27T08:14:15","guid":{"rendered":"http:\/\/www.thebusinessdesk.com\/westmidlands\/?p=2027893"},"modified":"2019-03-27T08:14:15","modified_gmt":"2019-03-27T08:14:15","slug":"food-group-creates-impetus-in-turnaround","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2027893-food-group-creates-impetus-in-turnaround","title":{"rendered":"Food group creates ‘impetus’ in turnaround"},"content":{"rendered":"

Food manufacturer 2 Sisters believes it has “created the necessary impetus” in its turnaround for its changes to be having an effect on its financial performance.<\/p>\n

The business endured a difficult period when high-profile investigations into its poultry plants put the spotlight on products it was supplying to major supermarkets.<\/p>\n

At the same time cost pressures were squeezing margins at the Birmingham-based group, which owns brands including Fox’s and Holland’s.<\/p>\n

Figures for the second quarter showed pre-tax profits before interest of \u00a361.9m, compared with \u00a32.4m a year earlier. Total sales were down by nearly \u00a3140m, to \u00a3711.5m, which mostly reflected the sale of its Goodfellas pizza, Red Meat and the Manton Wood sandwich businesses.<\/p>\n

Net debt has also been brought down, reduced by more than \u00a3200m to \u00a3570m.<\/p>\n

\"\"

Ronald Kers<\/p><\/div>2 Sisters chief executive Ronald Kers said: “We remain on course with our business turnaround at our financial half-year point, and we have created the necessary impetus to start seeing results emerging in the following quarters.<\/p>\n

“Lasting change and consistent performance will take time, but our strategy is gaining traction, giving us confidence in the business turnaround plan.”<\/p>\n

Although Kers said the business had “identified exciting opportunities to grow value in Fox\u2019s Biscuits”, the value appears to be at the expense of jobs. Last week it emerged that up to 240 jobs were at risk at its Uttoxeter site, which could see one in three jobs lost.<\/p>\n","protected":false},"excerpt":{"rendered":"

Profits up, debt down as changes have an impact<\/p>\n","protected":false},"author":18,"featured_media":2020769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"coauthors":[81],"class_list":["post-2027893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-featured-story"],"yoast_head":"\nFood group creates 'impetus' in turnaround | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"Profits up, debt down as changes have an impact\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2027893-food-group-creates-impetus-in-turnaround\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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