AGM Statement

RNS Number : 5515S

Real Good Food Company Plc (The)

25 September 2014

 

The Real Good Food Company plc (AIM: RGD) 

AGM Statement

The Real Good Food Company plc ("the Group") is a diversifiedfood business, serving a number of market sectors including retail, manufacturing, wholesale, foodservice and export. The Group is a major distributorof sugar in the UK through its Napier Brown subsidiary, and manufactures awide range of baking ingredients, jams and sweet bakery products. Its portfolio of brands includes Whitworths Sugar, Renshaw and R&W Scott.

At today's Annual General Meeting, Pieter Totté, Chairman, will make the following comments:

"We updated the market yesterday on the CMA's response to our complaint against British Sugar which has dominated the past 12 months. We are extremely disappointed that the Regulatory Authorities here in the UK have decided not to prioritise this case and we will now take up the matter with the European Competition Authorities in Brussels.

"As British Sugar had decided to change the way in which it traded with us, we had no choice but to pursue our case. While the result is unhelpful, the clarity is important and will determine our strategy.

"In this respect, we are delighted that we have negotiated two new supply contracts, both of which will utilise our new Stallingborough import facility; from this October we have agreed a major supply contract with Suiker Unie in Holland and we are finalising a contract for a significant quantity of cane sugar from Mauritius from 2015.

"On the sales side we are pleased to have retained our Whitworths brand in Asda for another 12 months and are delighted that Sainsbury's has chosen us to pack all its private label sugar from October this year. These supply deals and sales successes give our sugar business some stability going forward.

"Elsewhere in the Group, I am delighted to say that trading at both Renshaw and Haydens continues to be very positive, with both businesses showing significant EBITDA growth in the first half of the year, which will go some way to mitigate the effects of the uncompetitive British Sugar price which continues until the end of this September."

25 September 2014

ENQUIRIES: Real Good Food                               Pieter Totté, Chairman Tel: [phone] Mike McDonough Finance Director Tel: [phone] Andrew Brown, Marketing Director Tel: [phone] Shore Capital & Corporate (Nomad and Joint Broker) Tel: [phone] Stephane Auton Patrick Castle Daniel Stewart and Company Plc (Joint Broker) Martin Lampshire Tel: [phone] Cubitt Consulting Tel: [phone] Gareth David Cebuan Bliss

 

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