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    Interim Results 2025

    Picture of Roebuck Food logoRoebuck Food
    30/09/2025 12:00
    RNS Number : 4283B

Roebuck Food Group PLC

30 September 2025

 

 

Roebuck Food Group plc

Interim results 2025

Results

 

Roebuck Food Group plc (AIM: RFG) is pleased to announce its interim results for the six months to end June 2025.

 

The period reflects the acquisition of a 37.3% controlling shareholding in Glasport Bio Limited ("GPB") and a 16% investment in Glasport RumenTech Limited("GPRT") which were both completed on February 7th 2025. GPB  has made a lot of progress in the first six months towards commercialisation of GasAbate, its industry-leading manure treatment system for reducing emission of methane and other noxious gases. GPB is now in contract discussions on pilot installations with two potentially significant customers and in exploratory discussions with several others. The company is also progressing discussions regarding carbon-reduction certification.

 

GPRT which sits as an investment on our Balance Sheet, continues development work on its RumenGlas feed additive. Trials conducted with Teagasc (Ireland's agriculture and food development authority) have shown promising efficacy in reducing enteric methane, while at the same time improving livestock performance. GPRT is currently preparing to commence the regulatory filing and efficacy/safety trials process with the European Food Safety Authority (EFSA), with a view to having the product market-ready in 2028.

 

The consolidation of GPB in our interim results adds a layer of complexity to the reporting of our half-year numbers, with 100% of GPB's start-up losses taken through the income statement, with the non-owned 62.7% interest backed-out after the reported loss for the period.

 

The total loss generated by Roebuck Food Group Plc in the period amounted to £1.06m. This compares with a loss of £4.1m in the same period of the prior year. Within this overall loss of £1.06m, Glasport Bio generated a loss of £467,000 (of which £174,000 is attributable to Roebuck Food Group plc).

 

Elsewhere, Moorhead & McGavin, our plant-based ingredients business experienced a challenging trading period in what was a very difficult UK food-service market, with sales down 23%, reflecting in part the elimination of some less profitable business. Contribution was down by £335,000. Gross margins declined by 1%, year on year, reflecting some price deflation while costs increased, reflecting an investment in people.

 

Foro Food Solutions generated a loss of £54,000 for the period. This comprises a profit of £7,000 from our Sourcing business based in Cork, while our new Retail business (which commenced in September 2024) generated a start-up loss of £61,000. Head office costs at Roebuck Food Group reduced substantially, from £564,000 to £395,000.

 

 

 

Outlook

 

 

Regarding our plant-based ingredients and products business, we have seen a welcome improvement in trading trends in recent weeks and face less challenging like-for-like comparisons in the second half of the year.

 

Management are excited at the prospects for Roebuck Food Group plc. We have pivoted to a deep science business through the Glasport Bio and Glasport RumenTech transactions. All the information and progress to hand since completing these transactions confirms our believe that the science-underpinning these companies is robust, and the commercial opportunities are very significant.

 

We would like to compliment the GlasPort Bio and Glasport RumenTech teams on their continued success in attracting significant non-dilutive grant funding for multi-year collaborative research and demonstration projects with industry partners for their respective technologies, GasAbate and RumenGlas. Grants totalling €4.4m have been awarded by the Disruptive Technologies Innovation Fund (DTIF, €2.9m) and the Sustainable Energy Authority of Ireland (SEAI, €1.5m).

 

The DTIF matched-funding FutureLives project is in collaboration with Agri IoT and University of Galway, with a goal to enhance nutrient efficiency and significantly reduce greenhouse gas emissions, contributing to a more climate-resilient agricultural sector. The SEAI GasAbate Select project is in conjunction with Ashleigh Farms and will demonstrate how GasAbate treatment can transform animal manures into efficient, cost-effective feedstocks for green-energy production by medium-scale AD plants. The grant awards, which may be worth up to €2.4m in aggregate between GlasPort Bio and Glasport RumenTech, represent a further vote of confidence in these technologies regarding their potential for recycling nutrients and energy from livestock farming and decarbonisation of food production.

 

Dividend

The board does not recommend the payment of a dividend.

 

 

 


    Roebuck Food Group Plc
    Consolidated income statement
    For the six months ended 30 June 2025
    Six monthsSix months
    endedended
    30 June30 June
    20252024
    (Unaudited)(Restated)
    £'000£'000
    Continuing operations
    Revenue5,3695,966
    Cost of sales(4,461)(4,990)
    Gross profit908976
    Administrative expenses(1,656)(1,232)
    Impairment of Intangible assets(271)(30)
    Acquisition and related costs(94)(35)
    Operating loss(1,113)(321)
    Finance income - interest receivable33
    Finance expenses - interest on bank loans(5)(7)
    Loss before taxation(1,115)(325)
    Income taxes - Corporation tax--
    Income taxes - Deferred tax--
    Lossfor the period from continuing operations(1,115)(325)
    Loss from discontinued operations(3)(3,753)
    Loss for the period(1,118)(4,078)
    Other comprehensive losses(1)(11)
    Total comprehensive loss for the period(1,119)(4,089)
    Losses attributable to:
    Owners of the parent(826)(4,089)
    Non-Controlling Interest(293)-
    (1,119)(4,089)
    From continuing operations
    - basic    		(0.88)p(0.65)p
    - diluted(0.88)p(0.65)p
    From discontinued operations
    - basic    		-(7.5)p
    - diluted-(7.5)p
    Roebuck Food Group plc
    Financial position
    As at 30 June 2025
    As atAs atAs at
    30 June30 June31 December
    202520242024
    (Unaudited)(Unaudited)(Audited)
    £'000£'000£'000
    ASSETS
    Non-current assets
    Goodwill1,959--
    Investments833--
    Intangible assets7,510570540
    Property, plant and equipment1,1911,0911,055
    11,4931,6611,595
    Current assets
    Trade and other receivables1,8471,6451,522
    Inventories1,3771,0611,302
    Assets held for sale-4,274-
    Cash and cash equivalents2,84851115
    6,0727,0312,939
    TOTAL ASSETS17,5658,6924,534
    Equity attributable to equity holders of the parent
    And non-controlling interest
    Share capital2,077990990
    Share premium account8,9382,0942,094
    Non-controlling interest6,815--
    Other reserves(99)(105)(98)
    Retained earnings(2,866)(725)(2,041)
    TOTAL EQUITY14,8652,254945
    Non-current liabilities
    Borrowings17289
    Deferred tax747271
    9110080
    Current liabilities
    Trade and other payables2,3221,7702,919
    Liabilities held for sale-4,405-
    Borrowings287163590
    2,6096,3383,509
    TOTAL EQUITY AND LIABILITIES17,5658,6924,534
    Roebuck Food Group plc
    Consolidated statement of changes in equity
    For the six months ended 30 June 2025
    Non
    ShareShareOtherControllingRetained
    capitalpremiumReservesInterestearningsTotal
    £'000£'000£'000£'000£'000£'000
    At 1 January 20249902,094(94)-3,3536,343
    Profit for the financial year----(4,078)(4,078)
    Foreign exchange gain--(11)--(11)
    Total comprehensive income for the period--(11)-(4,078)(4,089)
    Issue of share capital------
    Equity dividends paid (recognised directly in equity)------
    Transactions with owners--(11)-(4,078)(4,089)
    At 30 June 20249902,094(105)-(725)2,254
    Net profit for the financial period----(1,316)(1,316)
    Foreign exchange loss--7--7
    Total comprehensive income for the period--7-(1,316)(1,309)
    Issue of share capital------
    Share issue costs------
    Transactions with owners--7-(1,316)(1,309)
    At 31 December 20249902,094(98)-(2,041)945
    

 


    Net profit for the financial period----(825)(825)
    Non-Controlling Interest---(293)-(293)
    Foreign Exchange Gain--(1)--(1)
    Total comprehensive income for the period--(1)(293)(825)(1,119)
    Non-Controlling Interest---7,108-7,108
    Issue of share capital1,0877,131---8,218
    Share issue costs-(287)---(287)
    Transactions with owners1,0876,844(1)6,815(825)13,920
    At 30 June 20252,0778,938(99)6,815(2,866)14,865
    

 

 

 

 

 

 

 


    Roebuck Food Group plc
    Consolidated cash flow statement
    For the six months ended 30 June 2025
    Six monthsSix months
    Endedended
    30 June30 June
    20252024
    (Unaudited)(Restated)
    £'000£'000
    Loss on continuing operations before taxation(1,115)(325)
    Foreign exchange loss/(gain)--
    Loss on discontinued activities(3)(3,753)
    Finance expenses57
    Finance income(3)(3)
    Impairment - Intangible Asset27130
    Impairment - Goodwill-2,338
    Depreciation - property, plant and equipment3733
    (808)(1,673)
    Changes in working capital:
    Increase in inventories(75)(145)
    Increase in trade and other receivables(269)(246)
    Increase in current assets held for sale-(4,274)
    Increase in current liabilities held for sale-4,405
    Decrease in payables(653)(37)
    Taxation paid--
    Net cash used generated from operating activities(1,805)(1,970)
    Investing activities
    Payment for Investment(833)-
    Proceeds from Sale of farming division-1,192
    Payments to acquire subsidiary undertaking(4,750)-
    Cash acquired as part of acquisition2,542-
    Purchase of property, plant and equipment(57)(17)
    Net cash (used in)/ generated from investing activities(3,098)1,175
    Financing activities
    Invoice finance repayments(283)(328)
    Finance lease capital repayments(12)(12)
    Net proceeds from issue of share capital7,931-
    Net cash generated/(used) in financing activities7,636(340)
    Net increase/(decrease) in cash and cash equivalents2,733(1,135)
    Cash and cash equivalents, at beginning of period1151,186
    Cash and cash equivalents end of period2,84851
    Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2024, as set out in the 2024 Annual Report.
    Enquiries:
    Roebuck Food Group
    Aidan Hughes, Finance DirectorTelephone: + 44 28 3049 3399
    Davy (Nomad)
    Anthony FarrellTelephone: + 353 1 679 6363
    

 

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