SUGAR and bakery ingredients company Real Good Food’s results for the first four months of the year were above expectations, the company said yesterday.
Chairman Pieter Totté said the group’s performance had been fuelled by Renshaws, its baking ingredients business.
Meanwhile expansion at Hayden’s, its bakery products business, was also contributing.
He said: “I am optimistic that we will start to see growth in both volumes and profitability.”
Totté added: “At Renshaws, the growth in volumes and profitability has been well in excess of our expectations. This is a seasonal business and the first half is normally the lowest trading period of the year.
He said: “Growth is being driven by strong export sales to the US, together with increasing sales in the UK to the home baking and sugar craft sector. New product launches are on schedule and are expected to contribute to a sustainable growth of this business.”
He said the business is now modernising as it expands into 55,000 sq ft of additional space next month.
Totté added: “The strength of its relationships with key customers means we look forward to a good performance in the seasonally stronger second half of the year.”
The company bought Five Star Fish for £35m in 2007.
City A.M. Reporter