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Real Good Food swings to FY profit but revenues drop

Mon, 01st Aug 2016 12:23

(ShareCast News) - Diversified food business Real Good Food swung to a full-year profit thanks to the sale of its sugar division Napier Brown, but revenue dropped sharply.In the year to the end of March, the company generated a statutory pre-tax profit of £12.9m compared to a loss of £3.5m the year before.The disposal of Napier generated a profit of £9.1m and helped reduce net debt from £30.1m to £5.1m.However, revenue was much weaker, falling to £113.7m from £232.9m the previous year. The company attributed this to unprecedented commodity price deflation, particularly in sugar and dairy and said both these markets experienced record low levels of prices.Sugar was hit not only by weak world prices but also in Europe ahead of the ending of quotas in 2017, while dairy, where quotas have already ended, was affected by the Russian export ban.Executive Chairman Pieter Totté said: "The hugely successful disposal of Napier Brown transformed our balance sheet and has enabled us to begin a strategy of investing in our core markets. We have spent the time since reviewing our strategy, clarifying our focus and restructuring the business accordingly.The company said it has now restructured into three pillar markets: cake decoration, food ingredients and premium bakery, with the objective of building scale and strategic positions in each of these through organic growth, targeted investment and bolt-on acquisitions.Real Good Food said the outlook for the food industry remains challenging but trading in the first three months of the year been satisfactory and the company is confident that it is in a good position to build three strong businesses. At 1245 BST, shares were down 12.4% to 31.10p.

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17 May 2018 16:45

Real Good Food Confirms GBP8.2 Million Shareholder Funding

LONDON (Alliance News) - Real Good Food PLC on Thursday said it had confirmed agreements for funding from major shareholders worth GBP8.2 million.Earlier in May, the company had said Napier

4 May 2018 16:27

Real Good Food Secures GBP8.2 Million From Major Shareholders

LONDON (Alliance News) - Real Good Food PLC said Friday it agreed terms for at least GBP8.2 million funding from major shareholders.This follows an end of March announcement by the company

27 Mar 2018 17:10

Real Good Food Secures GBP4 Million Loan From Major Shareholders

LONDON (Alliance News) - Shareholders in Real Good Food PLC, a cake decoration and food ingredients company, executed a term sheet providing a loan for GBP4 to pressure

2 Feb 2017 12:29

Ingredient price rises a concern for Real Good Food

(ShareCast News) - Real Good Food updated the market on its trading on Thursday, having previously indicated that it makes the majority of is profits in the second half of the year, which includes the important third quarter trading period for cake decoration and premium bakery in the run up to Chri

6 Dec 2016 10:51

Real Good Food warns earnings could fall short of market views

(ShareCast News) - Diversified food business Real Good Food said its pre-tax loss widened in the six months to the end of September and warned there was a risk its year-end earnings before interest, tax, depreciation and amortisation could miss market expectations. The company reported a loss before

19 Sep 2016 09:47

Real Good Food expands cake decorating business into US

(ShareCast News) - Real Good Food announced its expansion in the US on Monday through the creation of new subsidiary Renshaw Americas. Renshaw Americas has secured a five-year lease on a 18750 sq ft. warehousing facility in Rockaway, New Jersey, which the company said was an ideal location for onwa

12 Sep 2016 11:03

Real Good Food baking up maiden dividend

(ShareCast News) - Real Good Food revealed that it is planning on paying a first dividend next year and that trading at its bakery and cake decorating businesses has been satisfactory. On the day of the AIM-listed food manufacturing company's annual shareholder meeting, executive chairman Pieter Tot

19 May 2016 09:46

Real Good Food Opens Technology And Training Hub In Liverpool

26 Apr 2016 08:22

Real Good Food Annual Earnings To Be Line With Current Expectations

10 Feb 2016 13:53

Real Good Food buys Devon-based Chantilly Patisserie

(ShareCast News) - Real Good Food's wholly-owned subsidiary Haydens Bakery has bought Chantilly Patisserie for £1.75m, using existing cash resources. For the 12 months to March 2015, Chantilly - a Devon-based producer of handmade frozen desserts - had turnover of £2.5m and earnings before interest,

10 Feb 2016 09:37

Real Good Food's Haydens Bakery Buys Devon-Based Chantilly Patisserie

1 Feb 2016 09:46

Real Good Food warns on profits

(ShareCast News) - As it reorganises under its new 'three pillars' strategy, Real Good Food has warned that profits will be short of market expectations. Margins have been squashed due to the heavy investment in staff and development of products and brands as part of the shift to the three pillars o

1 Feb 2016 08:18

Real Good Food Warns On Full-Year Profit After Heavy Investing

10 Dec 2015 08:48

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