Real Good Food making real good progress

REAL Good Food Company, the bakery ingredients supplier and own-label cake maker, is continuing to make good progress.

The Liverpool group owns Napier Brown, the largest independent non-refining distributor of sugar in Europe, as well as Garrett, a supplier of dairy ingredients, Renshaw which supplies bakery ingredients and Haydens, which makes sweet bakery products for a range of major retailers.

In a trading update the company confirmed it is changing its year end from December 31 to March 31 to “better align its reporting to the markets” with the seasonality of the business.
 
Trading since July 1 has seen improved ebitda performance  compared to 2010, stock levels have been reducing in the last three months after problems in the sugar supply chain eased.

Borrowings have fallen too after upward pressure on working capital, reported in the first half of the year, eased off too.

Executive chairman Pieter Totté said: “Whilst we are still only midway through the key Christmas trading period, I am pleased with the progress we have made so far, both in terms of our financial performance this year against last year, and the good progress being made with all the strategic initiatives for each of our businesses.”

RGF said it would give another update at the end of January.