Real Good Food PLC AGM Statement and Trading Update (5868P)
October 20 2021 - 1:00AM
UK Regulatory
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RNS Number : 5868P
Real Good Food PLC
20 October 2021
20 October 2021
Real Good Food plc
("RGF" or "the Group")
AGM Statement and Trading Update
Ahead of its Annual General Meeting being held later this
morning, Real Good Food Plc (AIM:RGD) announces a trading update
for its current financial year ending 31 March 2022 to date.
As reported when the Group issued its final results for the year
ended 31 March 2021, RGF has seen a pick-up in revenues across each
market year to date. For the first six months to 30 September 2021,
revenues were 30.8% ahead of the same period last year (to 30
September 2020) and 0.7% above the same period of the year before
last (to 30 September 2019). Sales to UK retailers are performing
particularly well, with growth of 12.9% on last year and 3.7% on
the year before last.
Unaudited EBITDA for the six months was GBP0.5 million compared
to an EBITDA loss of GBP1.4 million last year, and an EBITDA loss
of GBP0.2 million for the six months to 30 September 2019,
respectively. This is reflective of the Group's actions to increase
margins within each business unit, albeit margins are being
affected by surcharges on freight and transport which are currently
expected to represent a drag of circa GBP0.3 million on this year's
profitability. The biggest impact of these logistics challenges,
coupled with ongoing staff absence rates from COVID-19, is on order
fulfilment and on-time delivery which is an issue shared across our
industry and supply chain.
New product innovation is a key driver to performance and
increasing profitability. Revenue for the six months to 30
September 2021 include 39 new products with sales of GBP0.5 million
(GBP1.4 million annualised).
Mike Holt, Executive Chairman commented:
"We have made a good start to the year and the Group is well
positioned for the seasonally busier second half of the year. It is
pleasing to see the turnaround activities within JF Renshaw gaining
traction, particularly in new product innovation. Renshaw has
regained its reputation as the product innovator and first choice
supplier of quality products, both branded and private label."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Enquiries:
Real Good Food plc Tel: 0151 541 3790
Mike Holt, Chairman
Maribeth Keeling, Group Finance Director
finnCap Limited (Nomad and Broker) Tel: 020 7220 0500
Carl Holmes / James Thompson / Abigail Kelly
(Corporate Finance)
MHP Communications (Financial PR) Tel: 020 3128 8793
Reg Hoare / Katie Hunt rgf@mhpc.com
About Real Good Food
Real Good Food plc is a food manufacturing business serving several
market sectors including retail (own label and private label),
manufacturing and export. The Group has two businesses that make
up the Cake Decoration division, Renshaw, and Rainbow Dust Colours,
with leading brands in their chosen markets.
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END
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