“In Napier Brown, we face a significant challenge over the coming months, following the well publicised dramatic drop in EU sugar market prices, as we bring our buying book in line with this correction in market prices,” said Totté.
Reflecting lower volumes
The RGFC posted interim results revealing first half revenues down £7M to £130.1M, reflecting lower volumes over the sugar selling season to September.
Earnings before interest, depreciation and tax fell to £2.2M from £3.02M, after investment of £700,000 in commercial resources and a Brussels office.
Totté concluded: “Once again we approach the key Christmas trading period with the group well placed to benefit from the traditional seasonal boost in sales, and I am pleased with the continued progress we are making in re-shaping the group.”
Meanwhile, in October Napier Brown announced its decision to create 80 new jobs at its West Yorkshire headquarters, after winning new business from supermarket Asda and food wholesaler Booker.