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Real Good news
AIM-quoted food group The Real Good Food Company (RGD) has declared results are in line with expectations, enthusing on consumers 'focus on cake decorating'.
In an update for the period from the 1st July to 31st December the Liverpool-headquartered concern declared it expects pre-tax profits of £5.7 million for the year to December.
All of its 'key trading divisions' which it argued include sugar trader Napier Brown, milk specialist Garretts and bakery Renshaw were said to have increased EBIDTA (Earnings before interest depreciation taxation and amortisation) while desserts outfit Haydens and chocolate coatings and jams maker R&W Scott were 'affected by increased commodity costs'.
The company elaborated Renshaw had benefited from retailers focus on 'cake decorating and home baking', arguing this is both helping to generate new customers and to a 'greater prominence in store and new listings for Renshaw products'.
Garretts was said to have made 'significant progress' in growing in the icre cream sector, noting it is now the sole distributor for Friesland Campina (A Duty dairy group) sweet condensed milk. Meanwhile Napier Brown was said to be benefiting from changes to its handling systems to allow for a variety of sugars to be delivered.
Analysts at house broker Shore Capital are forecasting pre-tax profits of £5.7 million (EPS: 6.2p) for the year to December 2011.
Growth Company Investor rated shares in Real Good Food with a reduce recommendation last June at 71.25p and they have since tumbled to 51.75p. Amidst continuing volatility in its key sugar market with price rises across a number of commodities the company faces a challenging path ahead. Paying no dividend the shares - which have traded between a range of 32.25p and 76p over the last year - look fairly valued. Hold
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