(Alliance News) - Real Good Food PLC on Friday said its interim loss had widened as it battles with "challenging" market conditions.
The Liverpool, England-based food manufacturer reported a pretax loss for the first half ended September 30 of GBP3.8 million, widening from GBP1.2 million a year ago.
First half revenue was down 20% from GBP15.9 million from GBP19.9 million the year prior due to macroeconomic headwinds, the company said, adding that it expects market conditions to remain challenging in the near-term.
Real Good Foods also reported a first half earnings before interest, taxes, depreciation and amortisation loss of GBP2.0 million, widening from GBP654,000 a year ago. The company said its reform programme is well underway, and is expected to deliver sustainable Ebitda between GBP2 million and GBP4 million for financial 2024.
The company did not declare an interim dividend, unchanged from a year ago.
Executive Chair Mike Holt said: "Market conditions have been very challenging over the last twelve months, and show no sign of easing in the near-term, due to a perfect storm of rising costs and lower revenues. The Group is not just hunkering down, it has put into effect a radical programme of reform to return it to profitability and to ensure that profits will be sustainable."
"The board is confident that the right actions are being taken and that they will deliver positive returns. The simple truth, a crisis was needed to enable the required changes to be possible," he said.
Real Good Food shares were down 13% trading at 1.35 pence per share on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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