Challenges at its bakery ingredients division has weighed on first-half profits at UK-based Real Good Food Co.
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The company, which operates in the bakery and sugar sectors, posted operating profit of GBP4.4m (US$8.8m) for the first six months of the year. The result compared to profits of GBP4.6m a year ago. Turnover rose 12% to GBP127.8m.
Chairman Pieter Totte said there had been “strong progress” at the company so far this year.
“One of the key factors in our progress has been our decision to sell the Five Star Fish division and to focus on the group’s core high-end niche markets,” Totte said. “This is where our expertise, consistent quality and service levels can add most value to our customer base.
“We are pleased with the beginning to the current financial year, albeit with a slow start for our Renshaw division, and we are confident that the group is well advanced to manage the European Commission’s sugar regime changes.”
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By GlobalDataRenshaw supplies food ingredients, primarily to the baking sector, and Real Good Food said the division was well-placed to meet demand for the busy Christmas period.
“The sales profile of the group is skewed towards the last quarter of the year and the critical Christmas trading period,” the company said. “As the group enters this period it does so with a more robust operational platform across all of its divisions and a stronger balance sheet.”
