Real Good Food company sees fortune rise
THE Real Good Food Company, the Toxteth-based food ingredients group, said annual profits will be in line with forecasts in an update today.
It said trading over Christmas, since its last update on November 30, was strong and, unlike the vast majority of businesses, stated: “The group suffered no loss of sales at all as a result of the exceptionally severe weather experienced during December.”
The firm owns Napier Brown, the largest independent non-refining distributor of sugar in Europe, supplies bakery ingredients through its Renshaw brand and makes patisserie and desserts at its Haydens Bakery.
Today’s update revealed pleasing trading conditions for Napier Brown after sugar prices worldwide soared to record highs, producing “a situation which should transform the dynamics” of the business, the company said.
Renshaw turned in its best ever performance last year with growing exports and increased sales driven by the rise in popularity of home baking.
And plans to expand the Haydens Bakery business through a new distribution centre are progressing following a good pre-Christmas trading period when, the company revealed, it was praised by customers for maintaining deliveries despite the adverse weather conditions.
Borrowings have been reduced to just under £20m, which is ahead of forecasts, and when profits are announced at the end of March they should be in line with market predictions, the company said.
Chairman Pieter Totté said today: “I am very pleased at the significant progress we have made over the past 12 months and the efforts made by our management team to realise the group’s full potential.
“We have three exciting businesses, each with prospects for continued further progress in the current year, and a significantly reduced level of bank borrowings.
“I look forward to reporting further on our progress over the coming months.”
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