Food ingredients supplier Real Good Food is showing some signs of improvement but there is a long way to go.
In the six months to September 2019 revenues were 7% higher at £32.4m and the pre-tax loss slashed from £9.1m to £2.5m. That is partly due to lower restructuring costs and an improvement in margin.
Cake decoration contribution was lower but that was more than offset by a higher contribution from food ingredients and lower central costs.
New soft icing equipment will be installed by the beginning of 2020. This is a fast-growing part of the market. There is also a new US distribution agreement.
There is likely to be a small second half loss. Net debt is expected to increase from £35.7m to £38.5m at the end of March 2020, although it will be lower than the interim figure of £40m.
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