StockMarketWire.com - Cake decorations and food ingredients company Real Good Food booked a deeper annual loss, as revenue slipped and it wrote down the value of its assets.

Net losses for the year through March, including from discontinued businesses, amounted to £32.0m, compared to loss of £26.6m on-year.

Pre-tax losses from continuing business amounted to £26.1m, compared to losses of £9.1m on-year.

During the year, the company sold its Garrett Ingredients, Haydens Bakery, R&W Scott and Chantilly Patisserie assets.

Revenue from continuing business fell 3.4% to £61.6m.

Real Good Foods said its two remaining businesses -- cake decoration and food ingredients -- were profitable, before impairment charges.

'After a very difficult period in the group's history and a great deal of corporate activity, Real Good Food now comprises two divisions, with clearly articulated objectives and defined strategies to accomplish those objectives,' chief excecutive Hugh Cawley said.

'We believe we now have the leadership, the senior management and the resources capable of delivering a further uplift in performance from both businesses, and a substantially lower central cost base more fit for purpose.

'In the new financial year to date, current trading from the two remaining, robust and profitable businesses is in line with our modest expectations for the year.'

'The group remains focused on continuing to improve its results and on reducing net debt, as well as continuing to support the business's strategy and thereby to increase shareholder value and returns.'





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