AGM Statement (7099H)
02 Juin 2011 - 8:00AM
UK Regulatory
TIDMRGD
RNS Number : 7099H
Real Good Food Company Plc (The)
02 June 2011
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 dairy ingredients ("Garrett"), bakery
ingredients (Renshaw) and a manufacturer of sweet bakery products
(Haydens) for a range of major retail customers.
At today's Annual General Meeting, Pieter Totte, Chairman, will
make the following comments:
"In my statement accompanying our preliminary results
announcement, I said that the progress made during 2010 across all
four of the Group's businesses left us well placed to achieve
further improvements in sales and profitability. I am therefore
very pleased to be able to report on a strong start to the current
financial year throughout all our businesses.
"At Napier Brown, we have seen sugar prices reaching record
levels, due to global shortages which followed the ending of the EU
Sugar Regime last October. The business has been working hard to
secure new sources of supply and, having successfully dealt with
the volatile supply situation that has prevailed over the past few
months, I am pleased to say that profitability has almost returned
to pre-Regime levels.
"Later this year our retail sugar division will be launching a
range of speciality sugars under the Whitworth brand. These will be
sold through a wide range of retail outlets in the UK and we are
confident that they will dramatically enhance the Whitworth
brand.
"The Garrett business, formerly part of Napier Brown, continues
to develop well as a stand-alone entity. Its new management team,
which was appointed last year, has improved Garrett's sourcing
capability and widened its product range. The operating margin in
year to date is up around 50% on the previous year, well ahead of
our budget.
"Renshaw was the Group's star performer last year, driven by
strong demand from the home baking sector and rapid growth in
export sales, particularly to the US. A key area of focus for us
this year is on the UK-wide launch over the next few weeks of a new
range of 47 products under the Renshaw brand. We will also be
driving the development of overseas sales through the appointment
of an Export Manager.
"Haydens continues to progress with the recovery plan instigated
last year. The Management team is fully established and the
strategic direction clear. Sales continue to perform ahead of last
year and there is strong demand for the innovation skills within
the business. This was further highlighted by the outstanding
success of the Royal Trifle produced for Waitrose from a Heston
Blumenthal recipe.
"The distribution operation has been successfully relocated to a
purpose-built facility close to the bakery. There was no disruption
to the business and the site was fully operational within 24 hours
of the move. This has added significant picking capacity, while
space freed up by this move (10,000 sq ft) has allowed management
to embark on very exciting modernisation plans for the bakery.
"Based on our trading performance during the first five months
of the current financial period, and my confidence that we can
sustain this progress through our international sourcing skills in
the sugar market, the forthcoming brand launches, and the benefits
of plant reorganisation work at Haydens, I believe that the Group
is on course to significantly exceed current market forecasts for
the year."
2 June 2011
ENQUIRIES:
The Real Good Food Company plc Tel: 0151 706 8200
Pieter Totte, 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
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