The Real Good Food Company, a food group servicing high-end niche markets, today (18 September) revealed that it has cut its loss before tax to GBP0.35m (US$0.66m) in the first half of the year, down from GBP2.9m posted last year.
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Group sales for the first half were more than five-times above sales reported for the comparable period of last year – rising to GBP113.4m from GBP21.4m. The company attributed this increase to the acquisition of Napier Brown Foods (NBF).
Sales at NBF, the company’s sugar division, totalled GBP81.1m, with profits at GBP2.8m.
“Following the acquisition of NBF last September, considerable effort has been put into managing our devolved business units in accordance with our company ethos of a decentralized accountable business reporting to a tightly controlled centre. Management quality has been enhanced across the Group and I believe that this will deliver benefits in the years ahead,” Real Good chairman Pieter Totte commented.
The company said that its Five Star Fish business continued to show good growth, with sales up 14% and operating profits totalling GBP1.8m.
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By GlobalDataIn the bakery ingredients division, sales increased by 5% to GBP13.8m and profits of 0.6m were in line with last year.
Delivering the interim results, the company said that it was on target to meet full year guidance. “The performance mix of our business units differs slightly from where we were at the time of our pre-close statement in July. However, netting off the current performance of our businesses we expect to meet market expectations for the group,” Totte said.
