Rising sugar prices give Real Good Food a lift
LIVERPOOL food ingredients group The Real Good Food Company is benefiting from rising sugar prices.
The company has seen a global shortage in sugar supply push prices to a 30-year high – in sharp contrast to earlier in the year when depressed prices dented the companies half-year sales.
In a trading update Real Good Food said the change will not have a major impact on results for 2010 but will leave it “well-positioned” next year.
The company owns Napier Brown, which it claims is the largest independent non-refining distributor of sugar in Europe; supplies bakery ingredients through its Renshaw business, and manufactures patisserie and desserts through its Haydens Bakery.
It said Renshaw was having an “exceptionally” good year, with sales growth in UK and export markets. At Haydens a new management team is continuing to implement a turn-around plan, developing sales to three key customers.
Chairman Pieter Totté said: “Our three businesses have each made great strides during the year towards achieving our vision for their successful and profitable future growth. Dramatic changes to the world sugar market point to significant prospects at Napier Brown, Renshaw is successfully exploiting new markets while Haydens has secured the space to expand and modernise its business.
“We anticipate a strong Christmas trading period, are on track to meet forecasts for the current year, and look forward to significant growth in the coming year.”
