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Real Good Food Company making progress in all sectors
by Neil Hodgson - 10/05/2011
"TOXTETH-based ingredients supplier The Real Good Food Company made good progress in the year to December 31."
Pre-tax profits, after £400,000 of reorganisation costs, were £1.95m compared with £1.62m, and debts were reduced from £24.1m to £22.6m.
Revenues fell from £215.6m to £200.1m, but this was due to a cut in sugar prices linked to EU reforms.
The company owns the largest independent non-refining distributor of sugar in Europe in Napier Brown, dairy ingredients supplier Garrett, which was spun off as a separate company last year, sweet bakery products firm Renshaw and Haydens, its bakery products arm.
Chairman Pieter Totté explained the firm opted to exploit the Garrett brand which is well known in the dairy business.
Under the management of Tom Fowler, Garrett is in talks over joint ventures across the UK, Eire, and Europe, in particular Poland.
Garrett achieved sales of £25.58m compared with £24.7m and an operating profit of £1.18m against £1m in 2009.
Napier Brown, the company Garrett was demerged from, showed a reduction in revenues from £134.85m to £108.4m and an operating loss of £80,000 against a £1.65m profit previously, due to the EU sugar price changes.
Mr Totté said the division is well positioned for growth with “new supply arrangements being increasingly attractive in an under-supplied UK market.”
Renshaw, which operates in two locations in Liverpool and Glasgow, achieved a record year with sales up 13% to £42.8m and operating profits of £4.57m compared with £2.5m, “significantly ahead of its three year growth plan,” the company said.
Exports continue to increase and the division now deals with clients in 31 countries, with further overseas orders a key focus this year.
Restructuring at Haydens continues with a reduction in operating losses from £394,000 to £238,000 on revenues of £23.3m, up from £21m in 2009.
Extra capacity has been created alongside its Devizes bakery to increase contract distribution and, despite the difficult weather conditions last Christmas – traditionally Haydens’ busiest period – it still managed to achieve a ‘best ever’ performance.
Mr Totté said today: “The businesses are all at exciting stages of their development and are well resourced with strong management teams who are focused on delivering the next phase of our growth plans.
“As such, the group is well placed to deliver further improvements in sales and profitability.”
The company also announced a new incentive scheme for Mr Totté today with options over 3.82m shares, or 5% of the group’s share capital.
It said since he took over the chair in November 2009 shareholders have seen stock prices increase more than seven-fold: “The board recognises that Pieter’s vision and executive drive will continue to be a major factor in both the performance of the group and the further enhancement of shareholder value going forward.”
More Details: http://www.liverpooldailypost.co.uk/liverpool-news/regional-news/2011/03/29/real-good-food-company-making-progress-in-all-sectors-92534-28421494/
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