AGM Statement

RNS Number : 6940N

Real Good Food PLC

26 September 2019

 

26 September 2019

Real Good Food plc

("RGF" or "the Group")

AGM Statement

Real Good Food plc will hold its Annual General Meeting ("AGM") at 11.00am today at St Magnus House, 3 Lower Thames Street, London, EC3R 6HD. At the AGM, Mike Holt, Non-Executive Chairman of RGF, will make the following statement:

"Trading in the new financial year within Food Ingredients has been very positive leveraging the recent investment in a new manufacturing line which has  almost doubled the capacity. New business is being secured and Brighter Foods continues to invest in new product development, working closely with its principal customers. Meanwhile, trading within Cake Decoration has been challenging, particularly in the US market. However, the Board remains confident that the actions being taken to improve customer service levels, product quality and operational efficiencies should deliver sales and margin growth, in markets that are generally flat.

The Board believes that the Group is well positioned to make further progress, improving operating profit significantly this year.  The issues of recent years have largely been resolved. Shareholder debt remains high, reflecting the historic issues of the Group, but has now stabilised, and has been modestly reduced in recent months.  The Group will continue to seek to repay shareholder loans as soon as cash flow backed lending becomes available from commercial sources."

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Enquiries:

Real Good Food plc Mike Holt, Executive Chairman Maribeth Keeling, Chief Financial Officer	Tel: [phone]
finnCap Limited (Nomad and Broker) Matt Goode / Carl Holmes / James Thompson (Corporate Finance)	Tel: [phone]
MHP Communications (Financial PR)  Reg Hoare / Katie Hunt	Tel: [phone] [e-mail]
About Real Good Food Real Good Food plc is a food manufacturing business serving a number of market sectors including retail (own label and private label), manufacturing and export.  The Company has two businesses, Cake Decoration (Renshaw and Rainbow Dust Colours) and Food Ingredients (Brighter Foods), with leading brands in their chosen markets.

 

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