Real Good Food PLC AGM Statement and Trading Update (4717J)
12 September 2016 - 4:00PM
UK Regulatory
TIDMRGD
RNS Number : 4717J
Real Good Food PLC
12 September 2016
Strictly embargoed until: 07.00: 12 September 2016
Real Good Food plc
("the Group" or "Real Good Food")
AGM Statement and Trading Update
Real Good Food plc (AIM: RGD) will today hold its Annual General
Meeting at 10.30 a.m. at Haberdashers' Hall, 18 West Smithfield,
London EC1A 9HQ.
At the meeting Pieter Totté, Executive Chairman, will make the
following statement:
"Overall we are satisfied with our trading performance during
the first four months of our new financial year and the Board
remains confident in meeting market expectations for the full year
across all the Group's KPIs.
"Order intake is strong, particularly in our Premium Bakery
business which is showing double digit percentage, like for like,
revenue growth when compared with the corresponding period last
year.
"Our Cake Decorating business also has good order visibility
meaning we look forward to the key autumn and Christmas season with
confidence.
"Our objective remains to utilise our significant cash resources
to build scale and strategic positions in each of our three pillar
markets through organic growth, targeted investment and bolt-on
acquisitions as appropriate. In pursuit of this we have continued
to invest in our people, technology, brand and marketing; as well
as in our manufacturing facilities, including new machinery, and
better processes. We are conscious of the impact of the living wage
and are already undertaking a plan to make the most efficient use
of our labour force across all our operations. It is critical that
we continue to adapt, to innovate and to lead within our chosen
markets.
"The Group now has a strong balance sheet and is cash generative
and although our primary objective is to invest our cash to drive
growth in our operations, the Board feels that it is important to
start to pursue a progressive dividend policy alongside this.
"In this regard, I am pleased to announce that the Board has
decided to commence the payment of dividends. Following the court
approval of the capital reduction, the next stage is for Real Good
Food plc to file company accounts with Companies House, after which
it will be in a position to announce and pay a dividend. This
process is expected to be completed by the end of December 2016 and
hence it is currently anticipated that the Directors will declare
an interim dividend shortly thereafter. Thereafter the Directors
intend to pay a final dividend following the announcement of the
Group's 2017 results, subject to the approval of shareholders at
the 2017 AGM. The level of the dividends declared will take into
consideration the Group's requirements for continued investment
capital.
"Finally there has been much commentary about the impact on UK
businesses following the Brexit referendum result. I am pleased to
announce that we have not seen any material negative impact on any
of our operations as a result of the vote."
*-ends-*
About Real Good Food plc
Real Good Food plc is a diversified food business serving a
number of market sectors including retail, manufacturing,
wholesale, foodservice and export. The Group focuses on three main
markets: Cake Decoration (Renshaw, Rainbow Dust Colours), Food
Ingredients (Garrett Ingredients and R&W Scott) and Premium
Bakery (Haydens and Chantilly Patisserie).
ENQUIRIES:
Real Good Food plc Tel: 020 3857
3900
Pieter Totté, Executive
Chairman
David Newman, Finance Director
Andrew Brown, Marketing
Director
finnCap Limited (Nomad and Tel: 020 7220
Joint Broker) 0500
Matt Goode / Grant Bergman
(Corporate Finance)
Tim Redfern (Corporate Broking)
Daniel Stewart and Company Tel: 020 7776
Plc (Joint Broker) 6550
David Lawman
Jonathon Webb
Belvedere Communications Tel: 020 3567
(PR) 0510
John West
Kim van Beeck
This information is provided by RNS
The company news service from the London Stock Exchange
END
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