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 |
|
|
Note: The accounting policies applied throughout the period are consistent with those applied for the
Enquiries:
|
| |
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
