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Real Good Food losses deepen as pandemic hurts sales
StockMarketWire.com
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Cake decoration and food ingredients business Real Good Food posted a deeper first-half loss, citing Covid-19 lockdown and restrictions for a fall in sales.
Pre-tax losses for the six months through September amounted to £3.98 million, compared to losses of £2.51 million year-on-year, as revenue slid 26% to £23.9 million.
The impact of lower revenues was partially mitigated by cost savings, new business, and the government's furlough scheme, the company said.
Consequently, underlying adjusted earnings before interest, tax, depreciation and amortisation were £0.3 million, down from £2.8 million.
Real Good Food said it was pleasing to see trading had improved in both its divisions with third-quarter revenues in-line year-on-year.
Fourth-quarter expectations within Brighter Foods remained positive, notwithstanding the latest national lockdown, whilst that quarter was traditionally a quieter period for Cake Decoration.
'The board remain committed to reducing the group's debt burden and reviewing all initiatives to improve and simplify its capital structure,' the company said.
At 10:00am: (LON:RGD) Real Good Food Company The PLC share price was 0p at 4.75p
Story provided by StockMarketWire.com
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