REG - Roebuck Food Group - Interim Results 2025
30/09/2025 12:00
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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 7(th) 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 months Six months
ended ended
30 June 30 June
2025 2024
(Unaudited) (Restated)
£'000 £'000
Continuing operations
Revenue 5,369 5,966
Cost of sales (4,461) (4,990)
Gross profit 908 976
Administrative expenses (1,656) (1,232)
Impairment of Intangible assets (271) (30)
Acquisition and related costs (94) (35)
(1,113) (321)
Operating loss
Finance income - interest receivable 3 3
Finance expenses - interest on bank loans (5) (7)
Loss before taxation (1,115) (325)
Income taxes - Corporation tax - -
Income taxes - Deferred tax - -
Loss for 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 (0.88)p (0.65)p
- basic
- diluted (0.88)p (0.65)p
From discontinued operations - (7.5)p
- basic
- diluted - (7.5)p
Roebuck Food Group plc
Financial position
As at 30 June 2025
As at As at As at
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
ASSETS
Non-current assets
Goodwill 1,959 - -
Investments 833 - -
Intangible assets 7,510 570 540
Property, plant and equipment 1,191 1,091 1,055
11,493 1,661 1,595
Current assets
Trade and other receivables 1,847 1,645 1,522
Inventories 1,377 1,061 1,302
Assets held for sale - 4,274 -
Cash and cash equivalents 2,848 51 115
6,072 7,031 2,939
TOTAL ASSETS 17,565 8,692 4,534
Equity attributable to equity holders of the parent
And non-controlling interest
Share capital 2,077 990 990
Share premium account 8,938 2,094 2,094
Non-controlling interest 6,815 - -
Other reserves (99) (105) (98)
Retained earnings (2,866) (725) (2,041)
TOTAL EQUITY 14,865 2,254 945
Non-current liabilities
Borrowings 17 28 9
Deferred tax 74 72 71
91 100 80
Current liabilities
Trade and other payables 2,322 1,770 2,919
Liabilities held for sale - 4,405 -
Borrowings 287 163 590
2,609 6,338 3,509
TOTAL EQUITY AND LIABILITIES 17,565 8,692 4,534
Roebuck Food Group plc
Consolidated statement of changes in equity
For the six months ended 30 June 2025
Non
Share Share Other Controlling Retained
capital premium Reserves Interest earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 990 2,094 (94) - 3,353 6,343
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 2024 990 2,094 (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 2024 990 2,094 (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 capital 1,087 7,131 - - - 8,218
Share issue costs - (287) - - - (287)
Transactions with owners 1,087 6,844 (1) 6,815 (825) 13,920
At 30 June 2025 2,077 8,938 (99) (2,866) 14,865
6,815
Roebuck Food Group plc
Consolidated cash flow statement
For the six months ended 30 June 2025
Six months Six months
Ended ended
30 June 30 June
2025 2024
(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 expenses 5 7
Finance income (3) (3)
Impairment - Intangible Asset 271 30
Impairment - Goodwill - 2,338
Depreciation - property, plant and equipment 37 33
(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 acquisition 2,542 -
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 capital 7,931 -
Net cash generated/(used) in financing activities 7,636 (340)
Net increase/(decrease) in cash and cash equivalents 2,733 (1,135)
115 1,186
Cash and cash equivalents, at beginning of period
Cash and cash equivalents end of period 2,848 51
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 Director Telephone: + 44 28 3049 3399
Davy (Nomad)
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 2024, as set out in the 2024
Annual Report.
Enquiries:
Roebuck Food Group
Aidan Hughes, Finance Director Telephone: + 44 28 3049 3399
Davy (Nomad)
Anthony Farrell Telephone: + 353 1 679 6363
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