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Q4 Results 2018/2019

13 November 2019

BOPARAN HOLDINGS – Q4 2018/2019 RESULTS (13 weeks ended 27th July 2019)

Sustained earnings growth; turnaround delivering value



Q4 2018-19

Q4 2017-18

Y-o-Y Change

LFL sales¹




LFL profit before interest, tax, depreciation and amortisation (EBITDA)¹,²




LFL profit before interest, tax, depreciation and amortisation (EBITDA) margin %¹,²








Total sales




Profit before interest, tax, depreciation and amortisation (EBITDA)²








¹ Like for like (LFL) sales and EBITDA are based on the 13 weeks ended 27th July 2019 compared to the 13 weeks ended 28th July 2018, with prior year adjusted for the impact of exchange translation and both periods in question stated to include only those businesses that were owned throughout both periods. For example, both Q4 18/19 and Q4 17/18 exclude the results of the disposed businesses Goodfellas pizza, Red Meat, the Manton Wood sandwich business and Green Isle Brands.

² EBITDA is stated before depreciation, amortisation and pension scheme administration costs. 

Key Q4 highlights

  • Continued quarterly earnings growth

    • Continuation of like-for-like profit (EBITDA) growth, up 29.6% to £25.4m (Q4 17/18: £19.6m)
    • Strategy to get back to core is delivering: earnings growth driven by Protein
    • Revenue growth seen in Protein, Chilled, and Branded: Group like-for-like sales up +0.2% (+2.6% excluding the impact of the closure of Five Star Fish) 

    Margin improvement coming through

    • Protein performance driven by UK Poultry turnaround initiatives, including positive price impacts, and cost reduction as well as the benefit from the Five Star Fish closure
    • Chilled like-for-like sales increased due to launch of new business and strong performance in Gunstones
    • Brands segment stabilises as Fox’s branded performance improves

    Balance sheet strengthening remains a priority

    • Matthew Walker business sold for £67m; completed 26th October
    • Repayment of 2019 bonds completed in May
    • Continued focus on realising value from non-core assets


Ronald Kers, CEO, 2 Sisters Food Group, said:

“These positive results show further growth in like-for-like earnings for the Group. This is more evidence that our plans are coming to fruition and are driving improved performance.

Our UK Poultry operation is seeing further evidence of turnaround and all divisions have seen EBITDA benefits as a result of commercial initiatives, and efficiency improvements. Our unrelenting focus on cost reduction, control and cash generation has yielded positive results in the quarter, which gives the Group a strong platform heading into next financial year.

However, the environment is volatile both in the markets in which we operate and the economy at large. Brexit continues to present substantial uncertainty for all food processors but we are taking steps to ensure our business is fit for the future.

Since our last update we have announced the sale of our Matthew Walker business for £67m, which represents another major milestone in the delivery of our strategy. Having now repaid the remaining 2019 maturing debt, our priorities remain improving core business performance, strengthening the balance sheet, and focusing on cash generation.


Q4 performance overview

  • Protein. Underlyinglike-for-like sales increased by 1.9% with EBITDA up by +£3.6m
  • Chilled. Like-for-like sales increased by 5.7% with EBITDA up by +£0.6m
  • Branded. Like-for-like sales increased by 3.6% with EBITDA up by +£1.6m 


Debt funding and cash flow

The £155m 5.25% notes due 2019 have now been repaid in full. Net Debt at the year-end was £631.4m which represents a 4.2% increase year-on-year (Q4 2017/18 £601.8m)



Quarter 1 19/20 results are due to be published on 11th December 2019. Results are expected to show a continuation in year-on-year like-for-like growth rate of EBITDA.

Net Debt levels are expected to fall by the end of Quarter 1, and the Group continues to explore opportunities to realise value from non-core assets, in line with the strategy.



Please go to the Investor Relations section of the corporate website

A copy of this announcement will also be made available at


About Boparan Holdings:

Boparan Holdings is the parent company for 2 Sisters Food Group with headquarters in Birmingham. We are a leading food manufacturer with strong market positions in Protein, Chilled, Bakery and Frozen categories. We focus on delivering the highest quality products to our customers at the lowest cost.

This announcement contains forward-looking statements in relation to Boparan Holdings Limited (the “Company”) and its subsidiaries. By its very nature, forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.

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