We believe that FY19 represented RFG’s first ‘normal’ year since listing. During the year, the company achieved organic revenue growth of driven by both price and volumes. Furthermore, the inelasticity of RFG’s Fresh volumes to the expansion of Woolworths Foods’ footprint is worrying In our view, in our view. However, with a higher impetus placed on opening WHL Food stores in Engen forecourts, we believe that RFG has an opportunity to realise some volume uplift from the sale of convenient ready meals. We revisit key risks which we previously highlighted which include RFG’s capital returns, currency risks associated with their international business and the company’s debt position.
