News blog
Real Good Food Company
- BY: Andrew Hore |
- POSTED: 17/07/2008 |
- COMMENTS: Add yours
Real Good Food says that sales in its sugar division have fallen by 10% in the first half.
The bakery goods and ingredients supplier says that trading was tough in the six months to June 2008.
Sugar accounted for more than four-fifths of the 2007 sales from continuing activities. The fall in sugar sales was down to the loss of business with a customer rumoured to be RHM and lower prices because of EU reforms. There are still surplus sugar stocks in the EU but the company expects the market to move into equilibrium in 2009.
Ingredients sales were 13% ahead and the business is negotiating price increases to cover the cost of higher raw materials prices. Bakery sales are 4% lower because of two disappointing product lines. Raw material cost hikes have been partially recovered so far this year.
Real Good Food has completed a five year debt refinancing. Net debt was more than halved to £25.9m by the end of 2007 because of the disposal of non-core businesses.
FinnCap has reduced its 2008 profit forecast from £4m to £3m – half last year’s profit. The shares fell 0.25p to 8.25p, which values the company at less than three times forecast earnings.
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