The Real Good Food Company has more than doubled its year-end profits to £5.7m in 2011, 148% up on the previous year.
The Liverpool-based bakery, ingredients and sugar firm reported this morning (1 February) its EBITDA was lifted to £6.4m in the six-month period to 31 December – a 28% rise on the same period in 2010. Its shares also increased by 4.74% after the group’s statement was issued.
Pieter Totté, executive chairman of the group, said: “While 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.”
In the statement, the company said Renshaw bakery ingredients, which launched its own-branded products into the consumer market last year, had seen a positive reaction from customers and consumers. In addition. the company has been developing its new Whitworths retail sugar brand, due to land on shelves in the first quarter of next year, with its Garrett Ingredients brand utilising two new distributorships.
The group’s plans to modernise its Haydens Bakery plant are still in progress, running around six months behind its initial schedule. In November, The Real Good Food Company said it had completed major reorganisation of shift patterns and would be introducing improved production cycles in Q1, 2012.