London / UK. (rgf) Real Good Food Company PLC, the British sugars, ingredients and bakery company, reduced its losses in the first half 2009 (ended 30 June) and said it was «quietly confident» ahead of the Christmas rush. The Liverpool company, which operates RenshawNapier – a major food supply business to the catering trade – and Haydens Bakeries, which makes cakes and desserts under the Seriously Scrumptious brand, saw a two percent dip in sales in the first half due to issues in the sugar division. Overview:
- Trading conditions stabilizing in core sugar business
- Improved Operating Profitability in Bakery Ingredients and Bakery Division
- Total Group sales from continuing operations down 2,2 percent to 101,7 million GBP (2008: 104,0 million GBP) reflecting the price and volume pressures in the Sugar Division as a result of regime change
- Loss from Continuing Operations of 0,889 million GBP (2008: loss of 1,159 million GBP)
- Loss per share (basic and diluted) of 1,3 pence (2008: loss per share of 1,8 pence)
- Net Cash from Operating activities 0,504 million GBP versus (1,467 million GBP) deficit in 2008
Chairman Pieter Totte: «The group continues to trade in line with its plan and with its commitments associated with its banking arrangements. We are currently benefiting from the consolidation of Renshaw Napier business with underlying overheads reducing with a full year impact flowing through 2010. The business is focussed on cash generation by further reducing Working Capital levels and focusing on EBITDA performance. With further stability expected in the sugar market, improved profitability in both ingredients and bakery, we remain quietly confident regarding the remainder of the year as we move into our busiest seasonal period».