Real Good Food PLC - Company Update
For immediate release:
("the Company" or "
The Company announces that during the audit process of its full year accounts for the year ended
In addition, the Board has concluded that certain development costs, which had previously been capitalised in FY 2017, should more appropriately have been expensed. The Board expects the total of these adjustments and further accrued expenses will have the effect of reducing the anticipated EBITDA to approximately
Following the recent injection of expansion capital announced on
As the injection of expansion capital was agreed about three months later than anticipated this has resulted in some delay in the implementation of these projects, particularly at Renshaw. This, combined with slightly softer trading conditions in Q1, has adversely affected the Board's expectations for the financial year ending
The Board further announces that it has realised that certain payments made to certain Directors for consultancy services have not been separately disclosed in the related party transaction notes to its previously published audited Annual Report & Accounts for FY 2014, FY 2015 and FY 2016. These are believed to amount to
These costs were fully accounted for in the relevant accounting periods so have no impact on the reported profit before tax for these three years.
The Company now expects to announce Final Results for the year ended
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
finnCap Ltd (Nomad and Broker)
David Lawman Tel: 020 7776 6550
John West Tel: 020 3567 0510
Kim van Beck
This information is provided by RNS
Quick facts: Real Good Food PLC
Market Cap: £5.23 m
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