REG - Roebuck Food Group - Interim results 2023
29/09/2023 07:00
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RNS Number : 0836O Roebuck Food Group PLC 29 September 2023
Roebuck Food Group plc
Interim results 2023
Results
Roebuck Food Group plc (AIM: RFG), is pleased to announce its interim results
for the six months ended 30 June 2023.
Financial Highlights
· Group revenue increased by 19%, from £12.5m to £14.9m.
· Net debt decreased by 32% from £3.4m December 2022 to £2.3m.
· Net debt (excluding IFRS 16 debt) decreased by 46% from £2.4m to
£1.3m.
· Both business units (Sourcing and Dairy) profitable, albeit down on
prior year.
· Loss before tax of £0.4m, compared to a profit of £0.2m in the
previous year.
Divisional Highlights
£'m Sourcing Dairy
June 23 June 22 June 23 June 22
Revenue 14.2 11.8 0.7 0.8
EBITDA 0.1 0.2 0.0 0.3
Operating Profit/(loss) 0.1 0.2 0 0.2
Sourcing Division
Sales at our sourcing division increased by 20%, compared with the same period
in 2022, from £11.8m to £14.2m. Operating profit decreased from £225,000 to
£104,000.
Post Brexit, Town View Foods (which forms the main part of our sourcing
division) had to necessarily reset. This has resulted in a more diversified
business, now selling across 35 countries Internationally. However, the growth
in turnover (from stg £16.6m 2020 to stg £26.5m in 2022) has required a
significant investment in people, which has more than offset the margin,
available from the growth in revenue. We are evaluating all options for our
sourcing division, with the primary objective of restoring profitability to
previous peak levels.
Dairy Division
Our dairy operation, Cantwellscourt Farm Ltd, continues to perform well across
key operating metrics. Notwithstanding a sharp decline in global dairy prices,
the business is generating underlying profitability and cashflow for the group
as a whole.
Discontinued Operations
The total loss from discontinued operations recognised during the first half
of the year totaled £0.1m.
Outlook
Your Management and Board are actively looking at a number of acquisitions and
we expect to complete at least one of these before the end of the year.
Dividend
The board does not recommend the payment of an interim dividend, unchanged
from last year.
Roebuck Food Group Plc
Consolidated income statement
For the six months ended 30 June 2023
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Restated) (Audited)
£'000 £'000 £'000
Continuing operations
Revenue 14,914 12,533 31,351
Cost of sales (15,033) (12,228) (30,780)
Gross profit (119) 305 571
Other income 160 133 182
Administrative expenses (397) (153) (417)
(356) 285 336
Operating profit/(loss) from continuing operations
Finance income - interest receivable 13 - 9
Finance expenses - lease interest (11) (13) (28)
Finance expenses - interest on bank loans (70) (29) (100)
Profit/(loss) on continuing activities before taxation (424) 243 217
Income taxes - Corporation tax - - (40)
Income taxes - Deferred tax - - (21)
Profit/(loss) for the period attributable to owners of the parent from (424) 243 156
continuing operations
(Loss)/profit from discontinued activities (110) (1,143) (1,404)
(Loss)/Profit for the period (534) (900) (1,248)
Other comprehensive income (100) 178 169
Total comprehensive income for the year (634) (722) (1,079)
Earnings per share expressed in pence per share:
From continuing operations (1.41)p 0.81p 0.5p
- basic
- diluted (1.41)p 0.81p 0.5p
From discontinued operations (0.365)p (3.80)p (4.7)p
- basic
- diluted (0.365)p (3.80)p (4.7)p
Roebuck Food Group plc
Financial position
As at 30 June 2023
As at As at As at
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Restated) (Audited)
£'000 £'000 £'000
ASSETS
Non-current assets
Goodwill 2,338 2,338 2,338
Biological assets 1,015 928 884
Property, plant and equipment 2,024 2,188 2,162
5,377 5,454 5,384
Current assets
Trade and other receivables 4,747 4,231 7,223
Inventories 794 449 316
Cash and cash equivalents 1,055 2,255 1,491
6,596 6,935 9,030
TOTAL ASSETS 11,973 12,389 14,414
Equity attributable to equity holders of the parent
And non-controlling interest
Share capital 564 564 564
Share premium account - - -
Other reserves (168) (59) (68)
Retained earnings 4,670 5,552 5,204
TOTAL EQUITY 5,066 6,057 5,700
Non-current liabilities
Borrowings 943 954 1,016
Deferred tax 58 35 58
1,001 989 1,074
Current liabilities
Trade and other payables 3,356 2,667 3,427
Current tax liabilities - -
Liabilities held for sale 154 330 298
Borrowings 2,396 2,346 3,915
5,906 5,343 7,640
TOTAL EQUITY AND LIABILITIES 11,973 12,389 14,414
Roebuck Food Group plc
Consolidated statement of changes in equity
For the six months ended 30 June 2023
Share Share Other Other Retained
Distributable
capital premium Reserves Reserves earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2022 564 - (237) - 6,452 6,779
Profit for the financial year - - - - (900) (900)
Foreign exchange gain - - 178 - - 178
Total comprehensive income for the period - - 178 - (900) (722)
Issue of share capital - - - - - -
Equity dividends paid (recognised directly in equity) - - - - - -
Transactions with owners - - (178) - (900) (722)
At 30 June 2022 564 - (59) - 5,552 6,057
Net profit for the financial period - - - - (348) (348)
Foreign exchange loss - - (9) - - (9)
Total comprehensive income for the period - - (9) - (348) (357)
Issue of share capital - - - - - -
Equity dividends paid (recognised directly in equity) - - - - - -
Transactions with owners - - (9) - (348) (357)
At 31 December 2022 564 - (68) 5,204 5,700
-
Net profit for the financial period - - - - (534) (534)
Foreign Exchange Gain - - (100) - - (100)
Total comprehensive income for the period - - (100) - (534) (634)
Issue of share capital - - - - - -
Equity dividends paid (recognised directly in equity) - - - - - -
Transactions with owners - - (100) - (534) (634)
At 30 June 2023 564 - (168) 4,670 5,066
-
Roebuck Food Group plc
Consolidated cash flow statement
For the six months ended 30 June 2023
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Restated) (Restated)
£'000 £'000 £'000
Profit/(loss) on continuing activities before taxation (424) 243 217
Gain on biological assets (160) (133) (182)
Loss on sale of biological assets - - 117
Foreign exchange loss/(gain) 100 54 (201)
(Loss)/profit on discontinued activities (110) (1,143) (1,404)
Finance expenses 81 42 128
Finance income (13) - (9)
Bad debt expenses 25 - 41
Taxation charge - - (40)
Impairment - Intangible Asset - 665 665
Depreciation - property, plant and equipment 84 84 191
(417) (188) (477)
Changes in working capital:
Increase in inventories (478) (352) (218)
(Increase)/decrease in trade and other receivables 2,476 (243) (3,223)
Increase in trade and other receivables for disposal - - -
Decrease/(increase) in current liabilities held for sale 144 (1,539) (1,571)
Increase/(decrease) in payables (71) 88 848
Taxation paid - - (25)
Net cash (used)/ generated from operating activities 1,654 (2,234) (4,189)
Investing activities
Purchase of biological assets - (12) -
Sale of biological assets 15 13 149
Purchase of property, plant and equipment (28) (211) (62)
Net cash used in investing activities (13) (210) 87
Financing activities
Invoice finance utilised (1,973) 3 1,649
Finance lease capital repayments (91) (10) (91)
Finance lease advance - 172 -
Term loan repayments (13) (9) (31)
Net cash used in financing activities (2,077) 156 1,527
Net (decrease)/increase in cash and cash equivalents (436) (2,288) (3,052)
1,491 1,550 4,543
Cash and cash equivalents, at beginning of period
Cash and cash equivalents end of period 1,055 843 1,491
Note: The accounting policies applied throughout the period are consistent
with those applied for the
year ended 31 December 2022, as set out in the 2022 Annual Report.
Enquiries:
Roebuck Food Group
Gerard Murphy, Finance Director Telephone: + 44 28 30257760
Davy
Anthony Farrell Telephone: + 353 1 679 6363
Note: The accounting policies applied throughout the period are consistent
with those applied for the
year ended 31 December 2022, as set out in the 2022 Annual Report.
Enquiries:
Roebuck Food Group
Gerard Murphy, Finance Director Telephone: + 44 28 30257760
Davy
Anthony Farrell Telephone: + 353 1 679 6363
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