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)

 

Operating profit/(loss) from continuing operations

 

(356)

285

336

 

 

 



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 continuing operations

 

(424)

243

156


 

 



(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

- basic

 

(1.41)p

0.81p

0.5p

- diluted

 

(1.41)p

0.81p

0.5p

From discontinued operations

- basic

 

(0.365)p

(3.80)p

(4.7)p

- 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

Distributable

Retained

 

 

 

 

 

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)

 

Cash and cash equivalents, at beginning of period

1,491

1,550

4,543

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

 

 


 

 


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