The Real Good Food Company plc Results for the 15mths to March ’12

The Real Good Food Company plc, owns the largest independent non-refining distributor of sugar in Europe (Napier Brown), supplies bakery ingredients (Renshaw and R&W Scott ) and manufactures patisserie and desserts (Haydens Bakery).

HIGHLIGHTS:

• Strong performance driven by focus on brand development and by driving sales growth
• EBITDA up 62% to £9.1m in 12 months to December 2011 (2010: £5.6m)  –  performance in 3 Months to 31 March 2012 reflects usual seasonal pattern of trading in quarter one (January to March)
• Key trading divisions of Napier Brown, Garrett and Renshaw all increased their EBITDA performance year on year
• Significant improvement in EPS adjusted (fully diluted excluding significant items) at 5.7p for 15 months to 31 March 2012 up 119% on 2.6p for 12 months to  31 December 2010
• Significant improvement in Net Debt / EBITDA ratio, down from 4.0 at 31 December 2010 to 2.8 at 31 December 2011. (March 2012 reflects normal seasonality profile) 
• Net borrowings of £28.7m at 31 March 2012 are up against 2010 driven primarily by the increased value in the supply chain following the impact mainly of higher sugar costs, but still down on position at 31 March 2011 

Pieter Totte, RGFC Executive Chairman, commented:
“In 2011 we delivered on our commitment to return to growth in sales and profitability. We are now embarking on an exciting period designed to transform the scale of the Group over the next three years. This strategy is rooted in robust plans produced by each individual business and we have restructured the Group to support these.”