RGD Real Good Food Plc

 

TIDMRGD 
 
RNS Number : 9647M 
Real Good Food Company Plc (The) 
03 June 2010 
 

The Real Good Food Company plc (AIM: RGD) 
 
AGM Statement 
 
 
The Real Good Food Company plc ("the Group"), owns the largest independent 
non-refining distributor of sugar in Europe (Napier Brown) and is a supplier of 
bakery ingredients and a manufacturer of sweet bakery products for a range of 
major retail customers. At today's Annual General Meeting, Pieter Totté, 
Chairman, will make the following comments: 
 
"The Group has made a very good start to its financial year, and has achieved 
the goals set by the Board on working capital and profitability. Results for the 
first four months of the current year are above expectations, driven by a 
particularly strong performance at Renshaws, the baking ingredients business, 
and continued progress at Hayden's, our bakery products business. 
 
"Our Napier sugar business is in a transitional year, following the EU sugar 
regime changes, but is starting to build momentum ahead of the new contract 
season in October. The market is expecting price increases and, in terms of 
supply, there have been some shortages of sugar globally. Within the EU the 
market is tight, albeit just in balance. Negotiations for the new season are 
well under-way and I am optimistic that we will start to see growth in both 
volumes and profitability. 
 
"At Renshaws, the growth in volumes and profitability has been well in excess of 
our expectations. This is a seasonal business and the first half is normally the 
lowest trading period of the year. Growth is being driven by strong export sales 
to the US, together with increasing sales in the UK to the home baking and sugar 
craft sector. New product launches are on schedule and are expected to 
contribute to a sustainable growth of this business. 
 
"Hayden's has continued its strong sales growth and the newly-completed 
management team is delivering on our expectations for the turn-around of this 
business. The challenge now is to deliver a modernisation plan for this 
business, as it expands into 55,000 sq. ft of additional space next month, but 
the strength of its relationships with key customers means we look forward to a 
good performance in the seasonally stronger second half of the year. 
 
"I am pleased with the continued progress we have made during the first four 
months of our current financial year. In addition, working capital remains in 
line with expectations, and we maintain excellent relations with our bankers, 
KBC. Overall, I remain confident that we can build on the progress achieved to 
date and look forward confidently to a strong second half performance." 
 
3 June 2010 
 
 
 
 
ENQUIRIES: 
 
+---------------------------------------+------------------------+ 
| The Real Good Food Company plc        | Tel: 0151 706 8200     | 
+---------------------------------------+------------------------+ 
| Pieter Totté, Chairman                |                        | 
+---------------------------------------+------------------------+ 
| Mike McDonough, Group Finance         |                        | 
| Director                              |                        | 
+---------------------------------------+------------------------+ 
|                                       |                        | 
+---------------------------------------+------------------------+ 
| Shore Capital                         | Tel: 020 7408 4090     | 
+---------------------------------------+------------------------+ 
| Stephane Auton                        |                        | 
+---------------------------------------+------------------------+ 
|                                       |                        | 
+---------------------------------------+------------------------+ 
| College Hill                          | Tel: 020 7457 2020     | 
+---------------------------------------+------------------------+ 
| Gareth David                          |                        | 
+---------------------------------------+------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMFTMITMBTMBIM 
 

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