23rd Sep 2015 06:55
LONDON (Alliance News) - Real Good Food PLC on Wednesday said it is very satisfied with trading at the start of its new financial year, although revenue is down on a like-for-like basis.
The ingredients and baking products company said that its cake decorating businesses are continuing to perform well, showing good growth in earnings before interest, tax, depreciation and amortisation, and that its most recent acquisition Rainbow Dust has made a "healthy contribution".
However, total like-for-like revenue is down year-on-year due to commodity price deflation particularly in the dairy and sugar markets, which has hit its Garretts Ingredients subsidiary, Real Good Food said.
"Despite this, the three pillar business strategy we announced at the time of our year end results is working well and overall trading for the group is currently in line with market expectations. We look forward to the key autumn and Christmas season with confidence," Chairman Pieter Totté said in a statement.
Real Good Food is holding its annual general meeting at 1130 BST on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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