TIDMRGD
RNS Number : 2497F
Real Good Food PLC
11 November 2015
Strictly embargoed until: 07.00 on [11(th) ] November 2015
Real Good Food plc
("the Group" or "Real Good Food")
Interim results for the six months ending 30 September 2015
Real Good Food plc (AIM:RGD) today announces interim results for
the six months ending 30 September 2015.
Interim Highlights
-- Completion of sale of Napier Brown for a total consideration
of GBP44.4 million (including working capital) delivering an
exceptional profit in the period of GBP9.4 million
-- Strong increase in Group EBITDA(1) : GBP2.0 million (2014: loss of GBP3.0 million)
-- Profit after tax(2) for the period is GBP9.3 million compared
to a loss of GBP4.7 million for the same period last year
-- Successful commercial and management integration of Rainbow Dust Colours into the Group
-- Strong financial and operational platform in place for future
growth in all three pillar markets: cake decoration, food
ingredients and premium bakery
-- Significant reduction in net debt at balance sheet date to GBP3.0m (2014: GBP36.3million)
-- Positive sales trends in important third quarter Christmas
trading period at Haydens Bakery and Cake Decorating
Businesses.
Commenting on the interim results, Pieter Totté, Executive
Chairman, said:
"I am pleased to report that the Group made positive operational
and financial progress during the reported period resulting in
total Group EBITDA being significantly improved when compared to
the same period last year. We completed the sale of Napier Brown
for a total consideration of GBP44.4m, which delivered an
exceptional profit in the period of GBP9.4 million.
Importantly we are now seeing the benefits of the operational
strategy and investment programme that we have been implementing
over the last couple of years across our individual business units,
which are now managed on a stand-alone basis. This coincides with a
significant reduction in Group net debt and improved working
capital, resulting in a business which is much transformed and well
positioned for further future growth."
Commenting on current trading and future strategy, Mr Totté
added:
"We will now look to use the Group's strong balance sheet to
continue to invest in our three pillar markets of cake decoration,
food ingredients and premium bakery, to drive EBITDA and operating
profit as well as exploring further bolt-on acquisition
opportunities.
We are now well into the important third quarter, which includes
the Christmas trading period and I am pleased to report positive
sales trends so far at both our cake decorating businesses and at
Haydens. With this context, the Board is confident that the outcome
for the full year will be in line with current market expectations
and we look forward with confidence."
(1) Excludes exceptional profit on disposal of Napier Brown
(2) Includes exceptional profit on disposal of Napier Brown
-*ends*-
About Real Good Food plc
Real Good Food plc is a diversified food business serving a
number of market sectors including retail, manufacturing,
wholesale, foodservice and export. The Company focuses on three
main markets: cake decoration (Renshaw, Rainbow Dust Colours), food
ingredients (Garrett Ingredients and R&W Scott) and premium
bakery (Haydens).
ENQUIRIES:
Real Good Food plc Tel: 020 3056 1516
Pieter Totté (Executive Chairman)
David Newman (Finance Director)
Andrew Brown (Marketing Director)
Shore Capital & Corporate (Nomad and Joint Tel: 020 7408 4090
Broker)
Stephane Auton
Patrick Castle
Daniel Stewart and Company Plc (Joint Broker) Tel: 020 7776 6550
Martin Lampshire
Belvedere Communications (PR) Tel: 020 3567 0510
John West
Kim van Beeck
REAL GOOD FOOD PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2015
Overview
I am pleased to report that the Group made healthy operational
and financial progress during the reported period resulting in
total Group EBITDA being significantly improved when compared to
the same period last year. We completed the sale of Napier Brown
for a total consideration of GBP44.4m, which delivered an
exceptional profit in the period of GBP9.4 million.
Importantly we are now seeing the benefits of the operational
strategy and investment programme that we have been implementing
over the last couple of years across our individual business units,
now run on a stand-alone basis. This coincides with a significant
reduction in Group net debt and improved working capital, resulting
in a business which is much transformed and is well positioned for
further future growth.
Divisional Business Reviews
Renshaw
Renshaw is a leading manufacturer of high-quality food
ingredients, primarily to the baking sector both in the UK and for
export. Key products and brands include: Sugar paste, marzipan,
soft icings, mallows, caramel. Customers include large food
manufacturers, craft bakers, grocery and specialist retailers both
in the UK and internationally.
Volumes were slightly down on a like for like basis compared
with last year, but this was largely due to the ending of a third
party manufacturing contract, in line with our overall strategy of
improving sales and margin mix. The result was improved margin and
operating profit compared with the same period last year. Early
signs are that the important Christmas trading period will be
strong and sales in overseas territories such as the US and
particularly Australia continue to make good progress.
In addition to these sales initiatives, considerable work is
underway to upgrade the product range and to invest in flexible
manufacturing systems which will improve customer service and
thereby underpin our leadership in the sector.
We have also started plans to increase the warehouse capacity at
the Liverpool site which once completed will bring an immediate
cost benefit by reducing outside storage costs.
Rainbow Dust Colours
Recently acquired by the Group, Rainbow Dust Colours is a
manufacturer and wholesale supplier of specialist sugar craft and
cake decorating products. These include: Edible and food contact
glitters; Metallic and none-metallic food paints; Specialist cake
decorating powders; ProGel(R) food colours - concentrated colour
for sugar paste marzipan and butter cream; and ready to use paint
brushes with unique Click-twist(R) brushes and double-sided
pens.
Integration following the acquisition is now complete and
overall sales continued to show significant year on year growth
with operating profit following a similar trend. Over 500 new
accounts were registered to the website in the first six months of
the year suggesting that this growth trend is sustainable.
Following the appointment of David Grieve as Managing Director a
full management structure is now in place, which will facilitate
the next phase of the growth plan.
New warehouse capacity designed to serve the 'sugar craft'
sector will be in place early next year and the team is working
with Real Good Food Europe to identify additional market
opportunities in Europe with a number of new product launches
planned for the second half of the year.
Garrett Ingredients
Garrett Ingredients sources dairy, sugar and other specialist
food ingredients from across the UK, Eire and continental Europe
and sells them to large, medium & small food manufacturing
businesses across the UK. The dairy portfolio comprises dry powder
mixes and bespoke blends as well as chilled and cultured products.
Other specialist ingredients include dextrose, stabilisers and
emulsifiers.
The sugar and dairy markets continued at unprecedented lows
during the first half bringing fierce price competition and as a
consequence, despite a similar volume and product mix, revenues
were around 30% below the previous year. However, pleasingly,
operating profit was only down by 15% when compared with the same
period last year.
The business has completed its transformation to a 'stand-alone'
business unit following the sale of Napier Brown and the team are
focusing on pursuing a number of added value initiatives such as
the targeting of new sectors including the growing Sports Nutrition
market.
While there are some signs that sugar prices will rise following
the new October 'contract season', dairy markets remain
volatile.
R&W Scott
R&W Scott produces chocolate coatings and sauces, jams and
dry powder blends for the industrial, retail, wholesale and
foodservice markets. Key products and brands include: chocolate
coatings which are supplied in liquid, drops and block formats;
jams - supplied both to food manufacturers and in jars for retail;
and mixes, which are supplied in bags for food manufacturers.
Sales volumes were slightly down on the previous year, but
operating profit and gross margin again increased reflecting our
underlying strategy of improving the sales mix and migrating the
business towards added value accounts and new products.
Operational improvements were delivered in materials control and
stock management and an investment has been made in additional
capacity for the new pie filling business.
The second half of the year will see the completion of a
significant capital investment programme which will give the
business the manufacturing profile it requires to maximise its
sales growth opportunities.
Real Good Food Europe
Real Good Food Europe sells, markets and distributes products
from Real Good Food UK companies across Europe. While most of its
sales are currently of Renshaw produced products (in particular
icings), opportunities are now being identified with Rainbow Dust
Colours and R&W Scott.
Although still relatively small in overall Group terms,
operating profit improved compared to the same period last
year.
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The introduction of new business systems to integrate order and
stock management in the warehouse and the installation of a new
labelling machine will enable a more bespoke service offering. A
new 'tropical' recipe of sugar paste has also been launched to meet
the requirement for a firmer product in hotter climates in Southern
Europe.
The focus is now to grow market share across all European
geographies and the second half should benefit from sales growth in
the important German market, where two new sales representatives
have been recruited.
Haydens Bakery
Haydens Bakery produces an extensive range of hand-finished,
added value bakery and dessert products. Customers include
Waitrose, Marks and Spencer, Costa Coffee, Caffè Nero, Morrisons,
Aldi and Food Service Distributors. Haydens focuses on six product
groups: Tarts, Danish, Yum Yums, Pies & Crumbles, Sweet Buns
and Premium Doughnuts.
Sales and operating profit at Haydens were broadly flat when
compared with the same period last year. However, the critical
trading period is the third quarter lead up to Christmas and
encouragingly, initial signs are promising with a strong presence
of products over Christmas in Waitrose, Costa, M&S , Aldi and
Morrisons
A new sales manager for the foodservice sector has also already
delivered a number of new opportunities and the company is
undergoing a major overhaul of its identity to reflect its new
strategy and ability to serve a broader customer base.
Cash Flow and Debt
During the period a gross cash inflow of GBP44.4 million, prior
to expenses, was received from the sale of the Napier Brown
business. These funds were used to repay the all of the Group's
borrowing with PNC Business Capital. The result is a sound
financial basis from which the Group will invest in its existing
businesses, as well as exploring bolt-on acquisitions to provide
further growth to the Group.
In order to assist with this growth the Group is pleased to
announce that is has entered into a new facility arrangement with
Lloyds Bank Plc, creating a GBP10 million revolving credit facility
secured on its Debtor book. This facility will fund the Group's
future working capital requirements and assist in funding its
capital projects.
Update on Proposed restructuring of share capital to enable
dividend payments
Following approval at the EGM held on 23 September 2015 the
Group has instructed its solicitors to begin the process to
transfer its share premium reserve into distributable reserves.
Upon completion of the legal process the Board of Directors will
consider the approval of a dividend to shareholders.
Future Strategy
We will look to use the Group's strong balance sheet to invest
further in our three pillar markets of cake decoration, food
ingredients and premium bakery, using the new operational and
stand-alone management structures to drive growth and
profitability. Coupled with this we are keen to explore further
earning enhancing acquisitions, in the mould of Rainbow Dust
Colours, and believe our chosen markets present a number of
interesting consolidation opportunities.
Outlook
We are now well into the important third quarter, which includes
the Christmas trading period and I am pleased to report positive
sales trends so far at both our cake decorating businesses and at
Haydens. Accordingly at this stage, the Board is confident that the
outcome for the full year will be in line with current market
expectations and we look forward to the rest of the year with
confidence.
Pieter Totté
Executive Chairman
REAL GOOD FOOD PLC
INDEPENDENT REVIEW REPORT TO REAL GOOD FOOD PLC FOR THE
SIX MONTHS TO 30 SEPTEMBER 2015
-- Introduction
We have been engaged by the company to review the condensed set
of financial statements in the six monthly interim financial report
for the six months ended 30 September 2015, which comprises the
consolidated statement of comprehensive income, consolidated
statement of financial position, consolidated statement of changes
in equity, consolidated statement of cashflows and the related
notes. We have read the other information contained in the six
monthly interim financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company, as a body, in
accordance with our instructions. Our review has been undertaken so
that we might state to the company those matters we are required to
state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company, for our work, for
this report, or for the conclusions we have formed.
-- Directors' Responsibilities
The six monthly interim financial report is the responsibility
of, and has been approved by, the directors.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this six monthly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
-- Our Responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the six monthly
interim financial report based on our review.
-- Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
United Kingdom. A review of interim financial information consists
of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
-- Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the six monthly interim financial report for the six months
ended 30 September 2015 is not prepared, in all material respects,
in accordance with International Accounting Standard 34 as adopted
by the European Union.
Crowe Clark Whitehill LLP
Chartered Accountants
10 Palace Avenue
Maidstone
Kent ME15 6NF
REAL GOOD FOOD PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX
MONTHS ENDING 30 SEPTEMBER 2015 (UNAUDITED)
Notes
6 months 6 months
ending 30 ending 30
Sept 2015 Sept 2014
GBP'000s GBP'000s
CONTINUING OPERATIONS
Revenue 46,656 45,558
Cost of sales (34,158) (34,989)
----------- -------------
Gross profit 12,498 10,569
Distribution costs (2,611) (2,357)
Administration expenses (8,804) (8,119)
Operating profit 1,083 93
Finance costs (1,203) (321)
Net pension finance
cost (96) (155)
----------- -------------
Loss before taxation (216) (383)
Taxation 192 23
----------- -------------
Loss from continuing
operations (24) (360)
Gain on Disposal of
Subsidiary 11 9,425 -
Loss from Discontinued
business 11 (84) (4,351)
Profit/(Loss) for the
period attributable
to the equity holders
of the parent 9,317 (4,711)
----------- -------------
Other comprehensive
income
Actuarial gains/(losses)
on defined benefit
plans 641 (1,096)
Income tax relating
to components of other
comprehensive income (128) 219
Total comprehensive
income/(loss) for the
period 9,830 (5,588)
=========== =============
Basic profit/(loss)
per share 4 13.4p (6.8)p
Diluted profit/(loss)
per share 4 12.3p (6.8)p
Adjusted profit per
share 4 (0.0)p (6.8)p
Adjusted diluted profit
per share 4 (0.0)p (6.8)p
REAL GOOD FOOD PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER
2015
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November 11, 2015 02:00 ET (07:00 GMT)
(UNAUDITED)
30 Sept 2015 31 Mar 2015 30 Sept 2014
GBP'000s GBP'000s GBP'000s
ASSETS
NON CURRENT ASSETS
Goodwill 70,019 70,019 75,796
Intangibles 661 841 931
Property, plant and equipment 14,019 13,599 21,726
Deferred tax asset 1,725 1,866 2,064
------------- ------------ -------------
86,424 86,325 100,517
------------- ------------ -------------
CURRENT ASSETS
Inventory 14,690 10,328 17,629
Trade and other receivables 18,215 15,229 35,510
Assets relating to discontinued
business - 41,406 -
Current tax assets - - 412
Other financial assets - - 181
Cash and cash equivalents 4,344 6,687 4,433
------------- ------------ -------------
37,249 73,650 58,165
------------- ------------ -------------
Total Assets 123,673 159,975 158,682
------------- ------------ -------------
LIABILITIES
CURRENT LIABILITIES
Borrowings 7,361 17,241 33,295
Trade and other payables 17,314 18,000 28,781
Liabilities relating to
discontinued business - 27,300 -
Current tax liabilities 164 613 -
Other financial liabilities - - 181
------------- ------------ -------------
24,839 63,154 62,257
------------- ------------ -------------
NON CURRENT LIABILITIES
Borrowings - 6,677 7,455
Trade and other payables - - 183
Deferred tax 2,019 2,537 2,720
Retirement benefit obligations 4,983 5,688 4,659
------------- ------------ -------------
7,002 14,902 15,017
------------- ------------ -------------
Net Assets 91,832 81,919 81,408
============= ============ =============
SHAREHOLDERS' EQUITY
Issued share capital 1,396 1,392 1,392
Share premium account 71,333 71,272 71,271
Share option reserve 595 577 456
Retained earnings 18,508 8,678 8,289
------------- ------------ -------------
Total Equity 91,832 81,919 81,408
============= ============ =============
REAL GOOD FOOD PLC
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDING 30
SEPTEMBER 2015 (UNAUDITED)
Issued Share Total
Share Premium Share Option Retained
Capital Account reserve Earnings
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
Balance at 1 April 2014 1,389 71,244 504 13,877 87,014
Shares issued in period 3 27 - - 30
Share based payment expenses - - (48) - (48)
Total comprehensive loss
for the period - - - (5,588) (5,588)
Balances as at 30 September
2014 1,392 71,271 456 8,289 81,408
========= ========= ============= =========== =========
Balance at 1 April 2015 1,392 71,272 577 8,678 81,919
Shares issued in the period 4 61 - - 65
Share based payment expenses - - 18 - 18
Total comprehensive profit
for the period - - - 9,830 9,830
Balances as at 30 September
2015 1,396 71,333 595 18,508 91,832
========= ========= ============= =========== =========
REAL GOOD FOOD PLC
STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDING 30 SEPTEMBER
2015 (UNAUDITED)
6 months to 6 months
30 Sept 2015 to
30 Sept 2014
GBP'000s GBP'000s
CASH FLOW FROM OPERATING ACTIVITIES
(Loss) for the period before taxation (216) (5,217)
Adjusted for:
Finance costs 1,203 723
Other finance income 96 155
Depreciation of property, plant
& equipment 855 1,187
Amortisation of intangibles 180 171
Operating Cash Flow 2,118 (2,981)
(Increase)/Decrease in inventories (4,509) 1,479
(Increase) in receivables (4,752) (1,250)
Pension contributions (160) (265)
(Decrease) in payables (3,169) (1,017)
--------------- ---------------
Cash outflow from operations (10,472) (4,034)
Income taxes (paid)/received (449) 165
Interest paid (1,480) (723)
--------------- ---------------
Net cash outflow from operating
activities (12,401) (4,592)
--------------- ---------------
CASH FLOW FROM INVESTING ACTIVITIES
Net Disposal Proceeds from Napier
Brown Sugar 41,167 -
Purchase of intangible assets - -
Purchase of property, plant & equipment (1,506) (622)
--------------- ---------------
Net cash from/(used in) investing
activities 39,661 (622)
--------------- ---------------
CASH FLOW FROM FINANCING ACTIVITIES
Shares issued 65 30
Repayment of loans (8,295) (919)
Net movements on revolving credit
facilities (21,203) 2,028
Repayment of obligations under finance
leases (119) (60)
Net cash used in financing activities (29,552) 1,079
--------------- ---------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,292) (4,135)
=============== ===============
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning
of period 6,636 8,568
Net movement in cash and cash equivalents (2,292) (4,135)
--------------- ---------------
Cash and cash equivalents at balance
sheet date 4,344 4,433
=============== ===============
Cash and cash equivalents comprise:
Cash 4,344 4,433
4,344 4,433
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=============== ===============
REAL GOOD FOOD PLC
NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER
2015
1. General Information
Real Good Food Plc is a public limited company ("company")
incorporated in the United Kingdom under the Companies Act
(registration number 4666282). The company is domiciled in the
United Kingdom and its registered address is International House, 1
St Katharine's Way, London, E1W 1XB. The company's shares are
traded on the Alternative Investment Market ("AIM").
The principal activities of the Group are the sourcing,
manufacture, marketing and distribution of food and industrial
ingredients.
The interim report will be posted on the company's website and
will be released via the Stock Exchange. Further copies of the
interim report and Annual Report and Accounts may be obtained from
the address above.
2. Basis of preparation
These condensed consolidated financial statements are presented
on the basis of International Financial Reporting Standards (IFRS)
as adopted by the European Union and interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC)
and have been prepared in accordance with AIM rules and the
Companies Act 2006, as applicable to companies reporting under
IFRS.
The same accounting policies and methods of computation are
followed within these interim financial statements as adopted in
the most recent annual financial statements
New IFRS standards and interpretations adopted
At the date of authorisation of these financial statements, the
directors have considered the standards and interpretations which
have not been applied in these financial statements, were in issue
but not yet effective (and in some cases had not yet been adopted
by the EU) and only IFRS 15 "Revenue from Contracts with Customers"
was considered to be relevant, The directors are still assessing
whether the application of IFRS 15, once effective, will have a
material impact on the results of the Group. Adoption of the other
standards and interpretations referred to above is not expected to
have a material impact on the results of the Group. Adoption of the
other standards may result in some changes in presentation of
information within the Group's financial statements.
REAL GOOD FOOD PLC
NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS TO SEPTEMBER
2015
3. Segment analysis
Business segments
The Group's operating segments are Garrett, Renshaw, R&W
Scott, Haydens, Real Good Food Europe (RGFE) and Rainbow Dust
Colours reflecting the Group's
management and reporting structure.
The following table shows the Group's revenue and results for
the period under review analysed by operating segment. Segment
profit represents
the trading profit after depreciation but before significant
items.
Rainbow
Renshaw Garrett R&W Scott Dust Haydens RGFE Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
Total revenue 20,263 8,222 4,816 1,626 12,839 643 48,409
Revenue - internal (357) (898) (477) (21) - - (1,753)
External revenue 19,906 7,324 4,339 1,605 12,839 643 46,656
Operating profit/(loss)
before Head Office 2,157 232 (170) 694 77 21 3,011
Head office and unallocated - - - - - - (1,928)
Discontinued Business (84)
Finance costs (net of
interest received) (176) - - (39) (22) - (1,203)
Profit on Disposal of
Sugar Business 9,425
Pension finance costs - - - - - - (96)
Profit/(Loss) before
tax 1,981 232 (170) 655 55 21 9,125
Tax - - - - - - -
Tax unallocated - - - - - - 192
(Loss)/Profit after tax
as per statement of
comprehensive
income 1,981 212 (170) 515 38 21 9,317
========= =========== ============ ========= ============ ========= ============
Inter-segment sales are charged at prevailing market rates.
REAL GOOD FOOD PLC
NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER
2015
3. Segment reporting (continued)
As at 30 Rainbow
SEPTEMBER R&W Dust Total
2015 Garrett Renshaw Scott Haydens RGFE Unallocated Group
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
Segment assets 9,552 84,359 7,307 10,872 492 8,229 120,811
Unallocated
assets
Property,
plant
and
equipment 583
Current tax
asset
Deferred tax
assets 1,725
Trade and
other
receivables 554
----------- ----------- ----------- ----------- ----------- ------------ -----------
Total assets 9,552 84,359 7,307 10,872 492 8,229 123,673
----------- ----------- ----------- ----------- ----------- ------------ -----------
Segment
liabilities (2,043) (10,053) (1,148) (3,538) (21) (6,913) (23,716)
Unallocated
liabilities
Trade and
other
payables (959)
Borrowings (164)
Pension
Liability (4,983)
Deferred tax
liabilities (2,019)
----------- ----------- ----------- ----------- ----------- ------------ -----------
Total
liabilities (2,043) (10,053) (1,148) (3,538) (21) (6,913) (31,841)
----------- ----------- ----------- ----------- ----------- ------------ -----------
Net
operating
assets 7,509 74,306 6,159 7,334 471 1,316 91,832
=========== =========== =========== =========== =========== ============ ===========
Non current
asset
additions - 368 253 35 30 - 820 1,506
Depreciation 7 203 122 422 5 24 72 855
Amortisation - 171 - - - - 9 180
Business segments
Geographical Segments
The group earns revenue from countries outside the United
Kingdom, this amounts to 12.5% of the total revenue of the group,
but as no individual country is considered to be material,
segmental reporting of a geographical nature is not considered
necessary in accordance with the provisions of IFRS 8.
REAL GOOD FOOD PLC
NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER
2015
4. Earnings per ordinary share
Earnings per share is calculated on the basis of the profit for
the period after tax, divided by the weighted average number of
shares in issue for the six month period of 69,638,675 (2014
69,568,996).
Diluted profit per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all potential dilutive ordinary shares. Potential dilutive
ordinary shares arise from share options and warrants. For these, a
calculation is performed to determine the number of shares that
could have been acquired at fair value (determined as the average
annual market share price of the company's shares) based on the
monetary value of the exercise price attached to outstanding share
options. Thus the dilutive weighted average number of shares
considers the number of shares that would have been issued assuming
the exercise of the share options.
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