Trading Update (9072T)
14 Décembre 2011 - 8:00AM
UK Regulatory
TIDMRGD
RNS Number : 9072T
Real Good Food Company Plc (The)
14 December 2011
The Real Good Food Company plc (AIM: RGD)
Trading Update
The Real Good Food Company plc ("the Group"), owns the largest
independent non-refining distributor of sugar in Europe (Napier
Brown), supplies bakery ingredients (Renshaw) and manufactures
patisserie and desserts (Haydens Bakery)
Earlier this year we announced that the Group was changing its
accounting reference date from 31 December to 31 March, in order to
better align its reporting to the markets with the seasonality of
our business. As the October to December quarter accounts for
around 50% of our annual profitability it makes more sense to have
this period behind us when preparing annual budgets and
projections.
We will be issuing a pre-close update covering the six months
from July to December 2011 at the end of January but, in line with
last year, make the following comments on trading from 1 July 2011
to date:
-- The improved EBITDA performance, compared to 2010, has continued.
-- Stock levels have been reducing during Q4 following easing of
the problems in the Sugar supply chain.
-- Upward pressure on working capital, as reported in H1 results
and outside of normal seasonality, has eased and this has resulted
in borrowings reducing over the period.
Business Development Update
-- Renshaw brand has been launched, with positive reaction from customers and consumers.
-- New Whitworths brand developed and will be on retailers' shelves in Q1 next year.
-- 2011/12 Sugar Contract season has gone well, with over 90% now contracted.
-- Garretts has successfully extended its range and taken two new distributorships.
-- Modernisation of the Haydens Bakeries plant is progressing,
although running some six months behind plan. In November we took
the first step in a major reorganisation of shift patterns and will
be introducing improved production cycles in Q1 2012, which we
expect to have a major impact on performance.
Pieter Totte, Executive Chairman, comments:
"Whilst we are still only midway through the key Christmas
trading period, I am pleased with the progress we have made so far,
both in terms of our financial performance this year against last
year, and the good progress being made with all the strategic
initiatives for each of our businesses."
14 December 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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