REG - Roebuck Food Group - Preliminary Results
29/04/2026 14:45
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RNS Number : 4477C Roebuck Food Group PLC 29 April 2026
Roebuck Food Group plc
Preliminary results for the year ended 31 December 2025
Chairman's Statement
Dear Shareholders,
2025 was an active year for Roebuck Food Group, with our new company strategy
taking significant steps forward during the year. In February, we completed
the acquisition of a controlling stake in GlasPort Bio Limited ("GlasPort")
and made an investment in related company, GlasPort Rumen Tech Limited ("Rumen
Tech").
GlasPort and Rumen Tech bring to the group what our Board considers to be
world-class technologies for increasing farm enterprise efficiency while at
the same time significantly reducing harmful greenhouse gas emissions and
lowering environmental and odour impact. Roebuck's strategic reset followed
the disposal of legacy businesses that did not fit with the group's new
refined investment criteria (Cantwellscourt Farm and Townview Foods were sold
in May and September 2024 respectively).
Acquisitions
Roebuck invested €5.7m for a 37% shareholding in GlasPort. This investment
gives Roebuck board majority, together with a Call Option to increase our
shareholding to 82% on pre-agreed terms. Roebuck invested €1m for a 16%
shareholding, with board representation, in Rumen Tech.
Strategic Focus
Roebuck now comprises two areas of focus: first, GlasPort and Rumen Tech,
which are developing world-class patent-protected and patent pending
technologies respectively for animal-manure management and enteric methane
reduction with significant global market potential, and second, Moorhead &
McGavin (M&M) and Foro Food Solutions (Foro), which are engaged in global
sourcing and supply chain management of plant-based ingredients and products
for the manufacturing and foodservice sectors in the UK and Ireland.
GlasPort momentum
Under the leadership of CEO Justin McCarthy, GlasPort has progressed
considerably since our investment in February towards commercialisation of the
globally-patent-protected GasAbate manure-treatment system. Key milestones to
highlight include:
- Commercial team now in place, with strong track record across business
development, systems design and implementation, and agribusiness.
- Further research findings that supports methane mitigation efficacy of close
to 80%, and also demonstrates potentially significant commercial co-benefits
for farms using the GasAbate manure-treatment system (increased nutrient
retention)
- Best-in-class manure-methane abatement Measure / Record / Verify (MRV) data
system developed by GlasPort and rolled out on pilot commercial farms
- GasAbate technology achieved Third-Party Assurance from the Carbon Trust, a
globally recognised assurance provider for carbon-credit insetting
- Pilot installations completed in partnership with three leading dairy
processors in Ireland, UK and Scandinavia
- Discussions progressing with other dairy processors
- Successful installations completed on large commercial dairy, beef and pig
farms, and on indoor and outdoor manure storage systems in different
jurisdictions
- Emergence of potential opportunities outside dairy, beef and pigs for the
technology to mitigate gasses and odours, and increase bioenergy production
- Engagement with regulatory bodies across several key European markets
- Increased international profile, with participation in several leading
international events across Europe
- Further success in securing non-dilutive grant funding, including from the
Disruptive Technologies Innovation Fund (DTIF), and the Sustainable Energy
Authority of Ireland (SEAI)
- Geopolitical instability has potential to disrupt commercial development of
GlasPort's business in the short-term but underscores its strong commercial
potential in Europe and globally in the medium to long-term;
- Negative impact: sharply increased gas prices in Europe will result in
higher raw-material and logistic costs in H2 2026, which may negatively impact
gross-margins and cash generation
- Positive impact: renewed geopolitical instability highlights the necessity
for the EU to enhance its energy, fertilizer and food security. The EU's heavy
dependence on both natural gas and nitrogen-fertilizer supplies from volatile
regions is, in the opinion of the Board, likely to add further momentum to EU
strategy to increase biogas/biomethane and organic-fertilizer production
within the economic block. Treatment with GasAbate significantly enhances
yield for biogas/biomethane anaerobic-digester (AD) operators and improves
plant-nutrient recycling which reduces the requirement for imported
fossil-fuel fertilizer.
GlasPort Call Option
Roebuck owns a Call Option to increase our holding in GlasPort to 82.3% on
pre-agreed terms, which becomes exercisable from August 2026 and extends to Q1
2029. Our strategy regarding this Call Option is kept under review by the
Board, and any decision to exercise the option in whole or in part would
necessitate a further equity raise and shareholder approval.
Plant-based Division turn-around
As outlined in our Interim Statement of 30 September 2025, the UK Food Service
market was particularly difficult with M&M sales down by 23% at the half
year, but the business stabilised and recommenced sales growth in the second
half. We are pleased to confirm that this improving sales trend has continued
into H1 FY26.
- M&M sales grew by 2% in Q3 and 4% in Q4 FY25, leaving full-year sales
down 11%; this comprised price deflation of -5.2%, volume -5.6%, and mix
-0.3%.
- Division sales including Foro were £10.8m, -5.6% on FY24.
- Division was EBITDA marginally positive in FY25, following record
profitability in FY24.
- Actions taken to reduce costs and diversify suppliers and customers,
positions the division for sales growth and profit recovery in 2026.
- Significant new contract wins with leading food manufacturing groups.
- Management is looking at various options to optimise the value of our
investment in this business.
Funding
Roebuck placed 51 million shares at a price of 16 pence in January 2025 to
fund the GlasPort and Rumen Tech investments and transaction costs, and for
general corporate purposes.
In light of geopolitical instability and market uncertainty which emerged in
February 2026, the Board took the precautionary decision in March 2026 to draw
down a €1 million loan which increases liquidity headroom through to June
2027.
Dividend
The Board does not recommend payment of a dividend in respect of Financial
Year 2025.
Outlook
While international instability has increased and rising energy / ingredient
costs have potential to disrupt our businesses in FY26, we believe that our
strategic positioning, tight cost management and strong management teams now
in place across the group leave us well positioned for growth and value
creation despite these challenges in 2026 and beyond.
Our Stakeholders
We look forward with excitement to working with our new colleagues and
co-investors in GlasPort and Rumen Tech, and I wish to thank our management
and staff in our plant-based business. I want particularly to thank Kieran
Mahon and Aidan Hughes for their hard work on reshaping and re-focusing our
M&M business during the past year, and Justin McCarthy for his leadership
in building a strong commercial team and momentum towards commercialisation of
GlasPort and Rumen Tech.
Finally, I want to thank you, our shareholders, whether you are longstanding
investors or new investors through our January 2025 placing or market
purchases, for your support and confidence in the vision that we have set for
Roebuck.
Tommy Conway
Non-executive Chairman
Chief Executives Officer's Review
Roebuck Food Group plc (AIM: RFG; "Roebuck" or the "Group"), is pleased to
announce its results for the year ended 31 December 2025.
During 2025, management at Roebuck Food Group plc, continued its work, to
reshape the business around agri technology and food ingredients.
Operations
Our largest investment, GlasPort (which was consolidated from February 7(th),
2025) made very considerable progress, with its GasAbate methane abatement
product. The business moved from being pre-commercial revenue (at point of
acquisition) to generating recurring revenue in the final quarter of the year.
Third party independent assurance was attained from the Carbon Trust
Assurance, confirming methane abatement by, on average, 78%.
Further non-dilutive grant funding of €1.85m and €0.55m was secured for
GlasPort and Rumen Tech respectively. The Measurement, Reporting and
Verification (MRV) system was designed and delivered by GlasPort, enabling key
data on system operations and manure-management to be recorded and transmitted
in real time. Installations were completed on large scale commercial farms,
across three countries, with leading dairy processors.
Rumen Tech, the company developing enteric-methane abatement solutions
continued to make good progress in 2025. Its lead candidate, RumenGlas,
continues to progress towards the necessary approvals. Renotified regulatory
studies are expected to commence in the coming 12 months.
M&M and Foro, our wholly owned plant-based ingredients division which
supplies Food Service and Food Manufacturing in the UK and Ireland, had a
difficult year in 2025, after a strong year in 2024 (our first full year
trading following acquisition in late 2023). Turnover at M&M and Foro
declined by 5.66% to £10.8m, compared to FY 2024. Divisional EBITDA was
reduced from £520k to £5k. Within this division, sales at Foro increased by
4.2%, from £3.57m to £3.72m. Gross margin percentage at M&M declined by
two percentage points, year on year.
· Division was EBITDA positive in FY25, albeit well down on FY24.
Profitability decline reflects reduced sales and gross margin, with cost
increases being of lesser impact.
· Overhead at M&M in 2025 was £1.64m, compared with £1.59m in
2024.
· Investment in people (Technical, Sales, Admin and Management
Succession planning), accounted for the increase in overheads.
· Action taken to reduce Employee costs. With management transition
now complete, employee costs will reduce by circa £0.27m, commencing Q2
2026 on a 12-month run-rate basis; this represents a 27% reduction versus
2025, on a like for like comparison. This is significant as employee costs
typically account for close on 65% of the overhead at M&M.
· Action taken to diversify suppliers and customers, positions the
division for sales growth and profit recovery in 2026. M&M sales in Q1
2026 were plus 3% year on year, and with and improving trend.
· Significant new contract wins with leading multinational food
manufacturing groups
· Management are acutely aware of the need to recover gross margin
and will implement whatever changes are necessary to achieve this Despite
increases in freight costs, (inbound and outbound) since the commencement of
the Gulf war, we are seeing improvements in gross margin.
Outlook
Notwithstanding challenges in the current year arising from the Gulf war and
the consequent impact on raw-material, logistic and packaging prices, I am
happy to say that we are optimistic for the future of Roebuck Food Group plc.
The reset we embarked on in mid-2023, is almost complete.
We are very encouraged by the number and variety of leading food processors
who have already engaged with GlasPort, and we believe that GasAbate is one of
the few solutions which can deliver meaningful and verifiable Scope 3 GHG
emission reductions for food processors while posing no risk of consumer
acceptance, and with multiple co-benefits for the farm enterprise.
Our plant-based division has been largely restructured. Business processes
have been simplified and the book of business has been diversified, with the
addition of key new suppliers and customers. Sales trends are improving and
management are focused on margin improvement and return on capital. In
M&M, we are seeing growth in a new vertical, which is the supply of
specialist ingredients direct to Food Manufacturing companies. With this new
line of business, together with new key suppliers and a reduced operating cost
base, we believe that M&M is well positioned to grow sales and
profitability once again. Management have and continue to look at various
options to optimise the capital value of this business.
Finally, I would like to thank the management teams and staff across our
operations for their commitment and contribution in 2025.
Kieran Mahon
Chief Executive Officer
Roebuck Food Group Plc
Consolidated Statement of Comprehensive Income
For the financial year end 31 December 2025
2024*
2025
£'000 £'000
Continuing operations
Revenue 11,008 11,480
Cost of sales (9,507) (9,341)
Gross profit 1,501 2,139
Other income 297 -
Administrative expenses (4,497) (2,710)
Acquisition and related costs (71) (1,122)
Operating loss from continuing operations (2,770) (1,693)
Interest received - -
Finance expenses - lease interest (3) (1)
Finance expenses - interest on bank loans (17) (19)
Loss on continuing activities before taxation (2,790) (1,713)
Income taxes - Corporation tax 40 (46)
Income taxes - Deferred tax 63 1
Loss for the financial year from continuing operations (2,687) (1,758)
Loss for the financial year from discontinued operations (128) (3,636)
Loss for the financial year (2,815) (5,394)
Other comprehensive income/ (expense) 44 (4)
Total comprehensive loss for the financial year (2,771) (5,398)
Losses attributable to:
Owners of the parent (1,920) (5,398)
Non-Controlling Interest (851) -
(2,771) (5,398)
* The 2024 Consolidated Income Statement has been updated to reflect the
continued operations only.
Roebuck Food Group Plc
Consolidated Statement of Comprehensive Income (Continued)
For the financial year end 31 December 2025
2025 2024*
Loss per share expressed in pence per share:
From continuing operations (2.75)p (3.6)p
- basic
- diluted (2.75)p (3.6)p
From discontinued operations (0.13)p (7.3)p
- basic
- diluted (0.13)p (7.3)p
* The 2024 Consolidated Income Statement has been updated to reflect the
continued operations only.
Roebuck Food Group plc
Consolidated Statement of Financial Position
As at 31 December 2025
2025 2024
£'000 £'000
Non-current assets
Goodwill 966 -
Investments - fair value through profit or loss (FVTPL) 833 -
Intangible assets 5,281 540
Equity option derivative - fair value through profit or loss (FVTPL) 928 -
Property, plant and equipment 1,120 1,055
9,128 1,595
Current assets
Trade and other receivables 1,996 1,522
Inventories 1,494 1,302
Cash and cash equivalents 1,759 115
5,249 2,939
TOTAL ASSETS 14,377 4,534
Equity attributable to owners of the parent
Share capital 2,077 990
Share premium account 8,938 2,094
Other reserves (54) (98)
Retained earnings (4,005) (2,041)
Equity attributable to owners of the parent 6,956 945
Non-controlling interest 3,665 -
TOTAL EQUITY 10,621 945
Non-current liabilities
Borrowings 13 9
Deferred tax 607 71
620 80
Current liabilities
Trade and other payables 2,354 2,919
Borrowings 782 590
3,136 3,509
TOTAL EQUITY AND LIABILITIES 14,377 4,534
Roebuck Food Group plc
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Share Share Premium Other Retained Earnings Total attributable to owners of parent Non Controlling interest Total
capital reserves
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 990 2,094 (94) 3,353 6,343 - 6,343
Loss for the financial year - - (5,394) - (5,394)
- (5,394)
Foreign exchange gain - - (4) - (4) - (4)
- - (4) (5,394) (5,398)
Total comprehensive income for the financial year
(5,398) -
Transactions with owners - - - - - -
At 31 December 2024 990 2,094 (98) (2,041) 945 - 945
Loss for the financial year - - - (1,964) (1,964) (851) (2,815)
Foreign exchange loss - - 44 - 44 - 44
Total comprehensive income for the financial year - - 44 (1,964) (2,771)
(1,920) (851)
Issue of share capital 1,087 7,131 - - 8,218 - 8,218
Share issue costs - (287) - - (287) - (287)
Non-controlling interest - at acquisition - - - - - 4,516 4,516
Transactions with owners 1,087 6,844 - - 7,931 4,516 12,447
At 31 December 2025 2,077 8,938 (54) 10,621
(4,005) 6,956 3,665
Roebuck Food Group plc
Consolidated Cash Flow Statement
For the year ended 31 December 2025
2025
2024*
£'000 £'000
Cash flow from operating activities
Loss on Continuing Operations before taxation (2,790) (1,713)
Foreign exchange gain 34 (82)
Loss on discontinued activities (128) (3,636)
Finance expenses 20 20
Goodwill written off - 2,338
Intangible asset amortised 437 60
Equity option derivative 163 -
Depreciation - property, plant and equipment 105 98
Operating cash flows before changes in working capital (2,159) (2,915)
Changes in working capital and provisions:
Increase in inventories (192) (258)
Decrease in trade and other receivables 2,996 2,127
Decrease in payables (1,421) (907)
Taxation received/(paid) 43 (87)
Net cash from operating activities 1,426 875
Cash flow from investing activities
Payment to acquire investment (833) -
Payment to acquire subsidiary (4,738) -
Proceeds from sale of assets - 1,392
Costs incurred in disposal of assets - (117)
Debt included in subsidiaries disposed - (630)
Fixed assets written off - 1,973
Cash acquired as part of acquisition - -
Purchase of property, plant and equipment (95) (78)
Patent additions (84) -
Net cash (used in)/ generated from investing activities (5,750) 2,540
193 (493)
Invoice finance utilised
Finance lease capital repayments (14) (1,010)
Finance lease additions 17 -
Term loan repayments - (68)
Net proceeds from issue of share capital 7,931 -
Net cash generated from/(used in) financing activities 8,127 (1,571)
Net increase/(decrease) in cash and cash equivalents 1,644 (1,071)
115 1,186
Cash and cash equivalents beginning of the financial year
Cash and cash equivalents end of the financial year 1,759 115
* The 2024 Consolidated Income Statement has been updated to reflect the
continued operations only.
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