UK bakery, ingredient and sugar group Real Good Food said the current year has started well, with a strong first quarter, a flatter second quarter, and early indications suggesting a seasonally-strong third quarter.
The Liverpool based sugar producer added that is on track to meet market expectations for the current year.
The group also highlighted its three-year expansion programme for each of its divisions. At Napier Brown the group said it is focussing on multi-sourcing, and offering customers alternatives to the EU beet refiners.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Our investment this year in sugar handling facilities will enable us to cost-effectively supply sugar sourced worldwide while meeting all the required technical standards. Our new strategic partnership with Mauritius-based Omnicane, which now has a 20% shareholding in the group, significantly boosts our ability to source the sugar we need," Real Good Food explained.
Meanwhile the group said Garrett Ingredients continues to develop well as a stand-alone business from Napier Brown. It is currently seeking new dairy sources in Europe while broadening its product offering.
It added that Renshaw continues to perform well, with robust demand from the home baking sector and continued growth in export sales. The Renshaw brand launch in the retail and craft sectors is also going well, it said.
During the year the group re-established R&W Scott as a separate trading entity from Renshaw bringing more commercial and operational focus to its traditional chocolate coatings, jam products, dry powder mixes and sauces.
Haydens continues its recovery plan, with a focus on modernising the factory and extending its product offering. It is also selling new products into new channels such as foodservice. Real Good Food anticipates the benefits from this to feed through in the second half of this financial year.
The group said it is nearing the conclusion of discussions with regards to the renewal of its current five-year funding facilities with its bankers, PNC, which expires in July 2013.
CJ
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
