Losses at a Liverpool firm specialising in cake decorating have been slashed despite its revenue falling after a Covid-hit year. The group has also confirmed plans to delist from AIM.
Real Good Food, which is based in Wavertree, has reported pre-tax losses of £6.1m for the 12 months to the end of March 2021, compared to losses of £23m from the prior year.
The listed company has also posted a revenue of £37.2m for the period, down from £41.2m.
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The results come after North Wales-based Brighter Foods, a food manufacturer specialising in snack bars, was sold to THG after the end of the financial year for £43m.
The group's two remaining brands are Renshaw and Rainbow Dust Colours.
At the end of the financial year, its net debt had increased from £45.4m to £48.8m but following the sale of Brighter Foods it has reduced by £26.4m.
Real Good Food has also confirmed plans to delist from the London Stock Exchange's AIM.
In a statement, the firm added it "remains focussed on reviewing all initiatives to continue to improve the capital structure of the group; including the intention to delist the group from AIM to save costs and provide greater agility and flexibility to maximise shareholder value".
Executive chairman Mike Holt said: "Much has happened since 31 March 2020 in terms of making progress and restoring shareholder value.
"The group has coped with the challenges of Covid and has continued to improve underlying profitability.
"In addition, the debt burden was halved following the successful sale of Brighter Foods.
"Renshaw and Rainbow Dust Colours, our two remaining businesses, continue to improve their performance, and after a good start to the year, prospects are encouraging."
