Real Good Food hits first half targets

12th Sep 2013 08:39

UK bakery, ingredient and sugar group Real Good Food said trading during the first half of its financial year has been in line with company expectations. In June, the Liverpool based group announced a positive trading performance for the 12 months ended March 31st 2013, following improved profitability. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 24% to £10.5m after robust performances at Haydens and R&W Scott.Since the update, Real Good Food said it has been focusing on the three major initiatives including investment in its sugar handling hub near Immingham, which will be operational in the next quarter.It has also placed renewed focus on brands, with Whitworths gaining significant new retail listings, Renshaw's presence being established in Europe and the US, and R&W Scott implementing its retail strategy, the group explained."Underpinning all of this, I am continuing to drive the businesses to be more market-led, investing further in sales and marketing management to help realise the growth opportunities faster and more effectively," said Chairman Pieter Totté ahead of the company's annual general meeting later today. Trading for the first half of the year has been in line with the board's expectations, with year-on-year trends reflecting the level of planned investment outlined above, he added.The group also reported a 13% reduction in net debt to £25.0m from the prior year.CJ