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April 8, 2008

UK: Real Good Food sees operating profit fall

Real Good Food Co., the UK sugar, bakery and ingredients company, has reported a fall in operating profit for the year ended 31 December 2007, as a result of “market challenges”.

Real Good Food Co., the UK sugar, bakery and ingredients company, has reported a fall in operating profit for the year ended 31 December 2007, as a result of  “market challenges”.

The company reported an operating profit, before tax and significant items of GBP9.6m (US$18.9m), down from GBP13.3m a year earlier while revenue rose to GBP231.m from GBP221.7m.

Net debt levels were also reduced to GBP25.9m from GBP56.6m for the same period last year.

“Market challenges remain heightened by uncertainties in commodity, credit and consumer markets,” said Pieter Totte, chairman of The Real Good Food Co. “The
management’s focus will remain on improved operational efficiency, inventory
management, customer service and product innovation.”
 
The past year has seen the group sell its Five Star Fish business for GBP35.8m whilst management time and modest cash investment has been made to improve the operational performance and competitive profile of its continuing businesses, said the company.

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