Real Good Food: turns to profit in 2009

London / UK. (rgf) The Real Good Food Company PLC reported a 58 percent rise in pre-tax profit to 2,15 million GBP from 0,9 million GBP for the year to December, helped by an improved operating performance in its Bakery Ingredients and Bakery divisions. Total group sales were down one percent to 215,6 million GBP from 218,7 million GBP, due mainly to a weak market for bulk sugar sales leading up to the final phase of EU Sugar Regime changes. Sales improved in retail and specialist sugars, however. The bakery ingredients business, Renshaw, benefited from a resurgence of home baking and crafting. Hayden´s, the bakery division, achieved double-digit growth in sales to all three of its major customers – Marks + Spencer, Waitrose and Costa Coffee. Overall sales were up by 15 percent. Food service sales, which started in 2008, grew steadily and now account for almost ten percent of total revenues. Earnings per share were 0,013 GBP, against a 2008 loss of 0,017 GBP. The company said net cash from operating activities was 8,6 million GBP versus a 3,1 million GBP deficit in 2008. Net debt was reduced to 24,1 million GBP from 31,4 million GBP, with a reduction in net bank borrowings to 20,9 million GBP from 27,9 million GBP.
Info: Preliminary Results Part 1 – Preliminary Results Part 2