Interim Loss at The Real Good Food Company
The Real Good Food Company, the UK sugar, ingredients and bakery group, has reported a loss before tax of £1.298m, including significant items of £189,000, for the first six months ended June 30th 2010, against a loss of £1.194m in the corresponding period last year. Overall group sales in the half year decreased by 11% to £90.7m, primarily due to lower prices at the group’s Napier Brown sugar business together with withdrawal from some lower margin business at the end of last year. However, strong sales growth was achieved in both the baking ingredients business, Renshaw, and in the cakes and desserts manufacturing business, Hayden’s Bakeries.
Pieter Totte, chairman of The Real Good Food Company.
“I am delighted by the progress which the group has made during the first half, with a turning point finally reached in our sugar business after several difficult years. The outlook for sugar is very encouraging, with expectations of increased volumes across all sectors rising further in 2011 as Napier Brown’s competitive advantages in terms of product range, service to customers, supply security and ability to manage complexity all come to the fore,” says Pieter Totte, chairman of The Real Good Food Company. “The tighter, and wider, supply conditions and improved pricing in the sugar business along with the significant growth already achieved in both Renshaw and Haydens gives me confidence in anticipating improved trading results for the second half and in the coming years.”
