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Real good results
Food group the Real Good Food Company (RGD) has released a trading update in which it notes that factors, including an increase in profitability in its sugar trading division, have led to a rise in profits in 2011.
The update, prior to today's AGM covers the first five months of the year. The company noted that profitability in its sugar trading division Napier Brown 'has almost returned to pre - (EU Sugar) Regime levels.' Renshaw - its bakery ingredients division was described as the group's 'star performer' driven by demand from both the home baking sector and 'rapid growth in export sales.'
Haydens, its desserts division was described as continuing 'to progress with the recovery plan instigated last year' with the Liverpool-headquartered concern noting that a Royal Trifle produced from a recipe by celebrity chef Heston Blumenthal to celebrate the royal wedding sold particularly well, with RGD describing it as an 'outstanding success'.
In an interview with Growth Company Investor chairman Pieter Totte remarked that the company is developing 'many innovative products' in its speciality sugars range noting that demand for its home baking products is particularly strong in the US. Looking forward he declared that he 'expects all four divisions to grow in terms of both profit and turnover' adding that its bakery division Haydens recently completed work for a new distribution centre.
Following the results analysts at house broker Shore Capital lifted their pre-tax profit forecasts for 2011 and 2012 by £1 million in both years to £5.8 million and £6.6 million. EPS forecasts for 2011 and 2012 were lifted by 21 per cent and 18 per cent to 6.3p and 7.2p.
Growth Company Investor recommended shares in Real Good Food at 23p last September and again in November at the same price. Since then the shares have more than tripled in value, currently trading at 71.75p. While the company should have further to go through a strong sugar market and a resilient home bakery ingredients division, we think for those investors that followed our advice, now could be an appropriate time to take profits, while retaining a significant chunk for further gains. Reduce.
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