April 8 - The Real Good Food Company plc, the sugars, ingredients and bakery company, today announces its Final Results for the year ended 31 December 2007.
Highlights
> Group sales from continuing operations increased to £231.1m (2006: £221.7m)
> Total Group operating Profit before taxation and significant items of £9.6m (2006: £13.3m)
> The sale of Five Star Fish was completed for a total consideration of £35.8m
> Continuing operations (before significant items) basic and diluted profit per share 4.5p (2006: 6.4p)
> Net debt levels have reduced to £25.9m (2006: £56.6m)
Commenting on the results, Pieter Totte, Chairman of The Real Good Food, said:
“The past year has been a active one for the Group and a period which has seen much change. Five Star Fish was sold in July for £35.8 million whilst a great deal of management time and some modest cash investment has been made to improve the operational performance and competitive profile of our continuing businesses.
“The current year has started with the Group trading in line with the revised budget expectations produced at the end of 2007. Market challenges remain heightened by uncertainties in commodity, credit and consumer markets. The management’s focus will remain on improved operational efficiency, inventory management, customer service and product innovation. For the full year the Board expects the Group to report stable profitability from continuing operations as raw material cost pressures are mitigated by the benefits accrued from both the efficiency improvement and cost recovery programmes initiated in 2007.”