Retail Food Group flags $87.6 million full-year loss

The company’s shares also plummeted following their announcement.

The Retail Food Group (RFG) advised that it expects a statutory loss of approximately $87.6 million in FY 2018, after taking account of substantial impairment charges booked at the end of last year, termination payments to former managing director Andre Nell and other additional one-off turnaround expenses.

The “expected” annual result does not include approximately $3.0 million of anticipated international licence fee revenues that may occur before the end of the year.

“Trading performance has continued to be impacted by a combination of previously noted persistent difficult retail market conditions, the cumulative impact of planned domestic outlet closures, and ongoing negative sentiment regarding both retail franchising and RFG in particular,” the embattled company said in a statement.

The announcement comes less than a week after Richard Hinson replaced Nell as the group’s chief executive officer.

(Also read: Retail Food Group appoints Richard Hinson as CEO)

The company’s share price in the ASX have since slid down following this recent announcement.

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