The UK’s leading supplier of sugarpaste, Renshaw, has recorded record sales for the year on the back of the continued boom in home baking.
At parent company Real Good Food Company’s AGM this morning, it was announced that EBITDA rose 40% to £5.5m, based on successes in retail products for home bakers, as well as exports to the US.
A “substantial” range of “first to market” products will be introduced later in June, branded as Renshaw, with new packaging. Seventy new products will launch through to the autumn, backed by an online marketing strategy.
“We have plans to raise the profile of our brand," said commercial director Sarah Summers.
“Almost a third of consumers currently choose home baking as their hobby of choice. Therefore this continues to be a big opportunity for us. More consumers are coming to it and the household penetration is increasing. The sector is in double-digit growth.
“We’ve continued to strengthen our retail resource and our capabilities to capitalise on the increasing popularity of home baking.”
The launches will include a junior bakers range for children, based around baking and learning. “From our discussions with consumers, we found that they started baking from an early age. We wanted to introduce the Renshaw brand to consumers in these formative years.”
The products will be supplied into new retail outlets, including Lakeland and the fast-growing Hobbycraft chain, as well as major supermarkets.
Said Summers: “Most of our major listings are tied up and the range has been received very well by major retailers, but also in the wholesale bakery arena and sugarcrafters. The category is desperate for some innovation.”
Meanwhile, Summers also revealed that the firm would be targeting growth in new sectors, including ingredients supplied into supermarket in-store bakeries and foodservice.
To view Real Good Food Company’s AGM statement click here.