REG - Roebuck Food Group - Interim Results 2024
27/09/2024 07:00
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RNS Number : 8965F Roebuck Food Group PLC 27 September 2024
Roebuck Food Group plc
Interim results 2024
Results
Roebuck Food Group plc (AIM: RFG) is pleased to announce its interim results
for the six months to end June 2024.
During this period, management have completed a fundamental strategic review
of the business and have developed a new strategic vision for Roebuck Food
Group plc. This vision has a number of guiding pillars including the
advancement and implementation of climate mitigation technologies, throughout
the agricultural supply chain, from primary production through to food
consumption. At this juncture, management believe we can build a business of
significant scale and size over the next number of years and we are presently
evaluating a number of significant investment opportunities.
As part of this new strategic vision, management have completed the divestment
of two subsidiaries (Town View Foods and Cantwellscourt Farm), which were no
longer considered appropriate to the direction management want to take the
business. The sale of Town View Foods has results in a significant goodwill
write off of circa Stg £2.3m. Net debt stood at £0.1m at end June 2024.
Continuing Operations
Moorhead & McGavin, the company which we acquired in December 2023 and
which is focussed on the plant based opportunity, is growing strongly. Sales
were up 22%, in the first half of the year, compared with the prior year. We
continue to invest in people to grow this business and notwithstanding this
investment, we expect the business to improve its profitability this year, on
2023 levels.
Foro Food Solutions, our Cork based sourcing business comprises two parts; the
sourcing business which engages primarily with the food service and food
manufacturing segments of the food market and a newer addition, which engages
primarily with retail. The legacy division is profitable and growing strongly
from a very small base. The latter will need some time to cover its investment
in people. This business is benefitting from some synergies with Moorhead
& McGavin and vice versa.
Discontinued Operations
The period under review and into the second half of the year has seen the
divestment of two of our subsidiaries; Town View Foods (which has resulted in
a substantial goodwill write off of £2.3m in the interim figures just
published) together with Cantwellscourt Farm ltd.
The loss at Cantwellscourt Farm comprises a write down on the asset,
professional fees, together with trading losses, reflecting the time of the
year when the acquisition was completed (dairy farms typically lose money in
the first few months of the year). The losses at Town View Foods comprise a
trading loss of £158,479 in the period under review, together with accruals
for trading losses in July and August, expenses provided for on the sale and
the aforementioned good will write off.
Outlook
The aforementioned divestments will greatly simplify Roebuck Food group,
resulting in a reduced overhead and with a balance sheet with a small net debt
of circa £0.1m.
Management are excited for the prospects of the group. We are seeing good
opportunities to grow the business in areas where we have capability and
competence and look forward to delivering for shareholders in the months
ahead.
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 2024
Six months Six months
ended ended
30 June 30 June
2024 2023
(Unaudited) (Restated)
£'000 £'000
Continuing operations
Revenue 5,966 1,664
Cost of sales (5,688) (1,601)
Gross profit 278 63
Administrative expenses (564) (397)
Acquisition and related costs (35) -
(321) (334)
Operating loss from continuing operations
Finance income - interest receivable 3 -
Finance expenses - lease interest - -
Finance expenses - interest on bank loans (7) (3)
Loss on continuing activities before taxation (325) (337)
Income taxes - Corporation tax - -
Income taxes - Deferred tax - -
Loss for the period attributable to owners of the parent from continuing (325) (337)
operations
Loss from discontinued activities (3,753) (197)
Loss for the period (4,078) (534)
Other comprehensive income (11) (100)
Total comprehensive income for the year (4,089) (634)
Earnings per share expressed in pence per share:
From continuing operations (0.65)p (0.67)p
- basic
- diluted (0.65)p (0.67)p
From discontinued operations (7.5)p (0.39)p
- basic
- diluted (7.5)p (0.39)p
Roebuck Food Group plc
Financial position
As at 30 June 2024
As at As at As at
30 June 30 June 31 December
2024 2023 2023
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
ASSETS
Non-current assets
Goodwill - 2,338 2,338
Biological assets - 1,015 642
Intangible assets 570 - 600
Property, plant and equipment 1,091 2,024 3,048
1,661 5,377 6,628
Current assets
Trade and other receivables 1,645 4,747 3,649
Inventories 1,061 794 1,044
Assets held for sale 4,274 - -
Cash and cash equivalents 51 1,055 1,186
7,031 6,596 5,879
TOTAL ASSETS 8,692 11,973 12,507
Equity attributable to equity holders of the parent
And non-controlling interest
Share capital 990 564 990
Share premium account 2,094 - 2,094
Other reserves (105) (168) (94)
Retained earnings (725) 4,670 3,353
TOTAL EQUITY 2,254 5,066 6,343
Non-current liabilities
Borrowings 28 943 932
Deferred tax 72 58 168
100 1,001 1,100
Current liabilities
Trade and other payables 1,770 3,356 3,826
Liabilities held for sale 4,405 154 -
Borrowings 163 2,396 1,238
6,338 5,906 5,064
TOTAL EQUITY AND LIABILITIES 8,692 11,973 12,507
Roebuck Food Group plc
Consolidated statement of changes in equity
For the six months ended 30 June 2024
Share Share Other Other Retained
Distributable
capital premium Reserves Reserves earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 564 - (68) - 5,204 5,700
Profit for the financial year - - - - (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
Net profit for the financial period - - - - (1,317) (1,317)
Foreign exchange loss - - 74 - - 74
Total comprehensive income for the period - - 74 - (1,317) (1,243)
Issue of share capital 426 2,224 - - - 2,650
Share issue costs - (130) - - - (130)
Transactions with owners 426 2,094 74 - (1,317) 1,277
At 31 December 2023 990 2,094 (94) 3,353 6,343
-
Net profit for the financial period - - - - (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 2024 990 2,094 (105) (725) 2,254
-
Roebuck Food Group plc
Consolidated cash flow statement
For the six months ended 30 June 2024
Six months Six months
Ended ended
30 June 30 June
2024 2023
(Unaudited) (Restated)
£'000 £'000
Loss on continuing activities before taxation (325) (337)
Gain on biological assets - (160)
Loss on sale of biological assets - -
Foreign exchange loss/(gain) - 100
Loss on discontinued activities (3,753) (197)
Finance expenses 7 81
Finance income (3) (13)
Bad debt expenses - 25
Taxation charge - -
Impairment - Intangible Asset 30 -
Impairment - Goodwill 2,338 -
Depreciation - property, plant and equipment 33 84
(1,673) (417)
Changes in working capital:
Increase in inventories (145) (478)
(Increase)/decrease in trade and other receivables (246) 2,476
Decrease in trade and other receivables for disposal - -
Increase in current assets held for sale (4,274) -
Decrease/(increase) in current liabilities held for sale 4,405 144
Increase/(decrease) in payables (37) (71)
Taxation paid - -
Net cash (used)/ generated from operating activities (297) 2,071
Investing activities
Proceeds of biological assets - 15
Proceeds from Sale of farming division 1,192 -
Payments to acquire subsidiary undertaking - -
Cash acquired as part of acquisition - -
Purchase of property, plant and equipment (17) (28)
Net cash used in investing activities 1,175 (13)
Financing activities
Invoice finance (328) (1,973)
Finance lease capital repayments (12) (91)
Finance lease advance - -
Net proceeds from issue of share capital - -
Term loan repayments - (13)
Net cash used in financing activities (340) (2,077)
Net decrease in cash and cash equivalents (1,135) (436)
1,186 1,491
Cash and cash equivalents, at beginning of period
Cash and cash equivalents end of period 51 1,055
Note: The accounting policies applied throughout the period are consistent
with those applied for the year ended 31 December 2023, as set out in the 2023
Annual Report.
Enquiries:
Roebuck Food Group
Aidan Hughes, Finance Director Telephone: + 44 1293 862 498
Davy (Nomad)
Anthony Farrell Telephone: + 353 1 679 6363
Six months Year
ended Ended
30 June 31 December
Note: The accounting policies applied throughout the period are consistent
with those applied for the year ended 31 December 2023, as set out in the 2023
Annual Report.
Enquiries:
Roebuck Food Group
Aidan Hughes, Finance Director Telephone: + 44 1293 862 498
Davy (Nomad)
Anthony Farrell Telephone: + 353 1 679 6363
Six months
Year
ended
Ended
30 June
31 December
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