Interim results 2023

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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