Interim Results, 2026

Roebuck Food Group PLC

30 September 2026

 

Roebuck Food Group plc

Interim results 2026

Results

Roebuck Food Group plc (AIM: RFG) is pleased to announce its interim results for the six months to end June 2026.

GlasPort Bio (“GlasPort”), in which Roebuck holds at 37% stake, generated £264,000 of revenue in the period under review (nil revenue in the comparable period in 2025) following the installation of GlasPort’s patent protected GasAbate system on a number of large commercial dairy farms in Ireland, Northern Ireland, and Continental Europe. In the period under review, GlasPort progressed pilot roll-out projects with several leading dairy processors.

Our investment in GlasPort was made in February 2025, at which point the business was pre-revenue. GlasPort recorded a loss of £896,000 in the period under review. This compares with a loss of £378,000 in the comparable period of the prior year, during which time the investment was included for approximately five months. A lower level of grant income in 2026 (£111,000 compared with £242,000 in the prior year and higher admin expenses at £808,000 (compared with £461,000) as a strong management and advisory team was put in place, are the key drivers behind the increased cost base along with further investment in research and development.

Within the Plant-based division, M&M recorded revenues of £3.73m, reflecting growth in revenues of 13.3%. This compares with sales of £3.29m in the comparable period of 2025. Volumes were ahead by 20%. Gross margins in the Plant-based division improved from 15% to 15.9%. The combination of improved sales and better gross margins more than mitigated modest cost increases to see profits at the EBITDA level improve from (£30k) H1 2025 to £110k EBITDA in H1 2026 (before one-off restructuring costs of £91k). The recovery in volumes at M&M, which has been underway since the second half of 2025 continues to accelerate in 2026, and this together with lower payroll costs and improved gross margin, delivered an EBITDA improvement of £140,000 (before restructuring costs) in Q2 2026 versus Q1 2026.

Foro generated an EBITDA of £26k in H1 2026, compared with £6k in the comparable period in 2025. Sales were down 19.5% in the first half of 2026, and the improved out-turn reflected a better mix of higher-margin business.

The total costs of running the listed group continue to reduce, down from £395k in H1 2025 to £387k in H1 2026. Excluding contributions to GlasPort and exceptionals, the cost of running the listed Company in H1 2026 was £295k.

Outlook

GlasPort Bio continues to build its recurring revenue base, with a total of 40-45 additional installations expected to be onboarded in the second half of 2026 across both Ireland and Europe. These installs will provide important learnings for the business in terms of developing our system to adapt to the range of manure storage systems on farms. This ramping up of installs will see our cash burn increase in H2 given the added costs of carrying out multiple pilot installs across a number of Member States.

Glasport RumenTech, the early-stage biotech developer of solutions to reduce methane emissions from ruminant livestock in which Roebuck holds a 16% investment, is progressing towards requisite studies as part of the EFSA approval process for its feed additive candidate.

Moorhead & Mc Gavin has been substantially restructured with a new management team in place and a structurally lower payroll cost base. We are confident in the management team’s strategy to restore the business to previous levels of profitability.

Foro is performing well in the early months of the second half of 2026.

Balance Sheet

The Net Asset Value per share as at 30th June 2026 equates to 9.2p. Post the half year we completed a Sale and Leaseback on the property at Motherwell for £850,000 net of transaction costs. Proceeds from this transaction were used to fully repay the loan drawn down in March as referenced in the preliminary results statement and to add to the cash balances, with a corresponding Right of Use asset item of £0.7m added to liabilities under IFRS 16.

Dividend

The board does not recommend payment of a dividend.

GlasPort Bio Limited Call Option

As disclosed to the market when the GlasPort Bio Limited transaction was completed in February 2025, Roebuck acquired a Call Option on the Original Shareholders' shares in GlasPort which would allow the Group, upon full exercise of this option, to increase its shareholding from 37% to 83% (pre management and staff growth-share dilution) on pre-agreed terms. This Call Option became exercisable from 07 August 2026, with the window to acquire part or all of these shares extending to February 2029. Under the disclosed terms of this Call Option, the price of the shares subject to the call option was set at the post-money value per share of the original transaction, plus three additional increments based on achievement of three specific pre-agreed developmental milestones.

With the first of these milestones having been achieved (grant of US patent by the USPTO) the cost to Roebuck to exercise the Call Option would be approximately £7.8m. The Original Shareholders of Glasport can elect to take up to 50% of the consideration for sale of their GlasPort shares in Roebuck shares at 90% of the 60-day value-weighted average price of shares traded on the London Stock Exchange. Furthermore, under the terms of the Option Agreement, the Original Shareholders and Roebuck can, by mutual agreement, elect to settle consideration for exercise of the Call Option entirely in Roebuck shares. Achievement of all three developmental milestones during the Call Option window would increase the total cost to exercise the Call Option to approximately £12m.

Roebuck is considering its strategy with regard to the exercise of this Call Option, and also the likely growth-capital requirements of GlasPort for its commercial roll-out across several key markets over the next 24 months. This work is well advanced, and Roebuck expects to be in a position to update the market on its deliberations in this regard in the near future.

Any decision to issue shares to fund exercise of the Call Option and / or to issues shares to fund growth-capital for GlasPort would be put before a extraordinary general meeting of Roebuck shareholders for approval.

Plant-based Ingredient Division

As disclosed in the 2025 Interim and full-year statements, the Plant-based Ingredient Division (which comprises Moorhead & McGavin, and Foro Food Group) experienced difficult trading conditions and negative cashflow during 2025. Considering the trading requirements of this division along with 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 increased liquidity headroom in the Group through to June 2027.

Roebuck Management and Board undertook a detailed review of this division with the objectives of returning the business to significant profitability and progression towards value realisation of both businesses. This review resulted in substantial management changes, cost reductions and customer re-positioning at Moorhead & McGavin, and we are pleased to report that the business has returned to profitability in Q2 and Q3 2026.

On 4 September 2026, Roebuck announced that Moorhead & McGavin has successfully completed the Sale and Leaseback of its freehold property in Motherwell for £900,000 (net £850,000 after transaction costs) to an independent Scottish property investment company. The lease is for 10 years with a break in year 5. The agreed annual rent is £90,000 per annum for the first 5 years, and the lease is guaranteed by Roebuck Food Group Plc. Roebuck was advised on the transaction by the Scottish commercial property advisory firm, Burnett Real Estate, and by a leading Scottish law firm, Brodies LLP.

Further measures to realise value from this division are well advanced and should release capital to the Group in H2 2026.

Our Plant-based Division performance has improved substantially over recent months. Over time the intention is to monetize this business to release capital to fund growth elsewhere in the Group. With strong commercial management teams in place at our subsidiaries, we believe it is both appropriate and necessary to further simplify the business, and in the process, to reduce the central running costs of Roebuck plc. 

Glasport Bio

GlasPort continues to make solid operational and commercial progress as the business advances its strategy of building a leading verified platform for reducing the environmental footprint of livestock agriculture.

The company has continued to expand deployments across multiple European markets, strengthening its position with farmers, processors, industry stakeholders and regulators while steadily building the foundations for recurring revenue growth. During the period under review GlasPort’s patent protected GasAbate system was installed on a number of large commercial dairy farms in Ireland, Northern Ireland, and Continental Europe. By year end management are confident that GasAbate technology will be deployed across 15,000 dairy cows and 500 sows. The Company is progressing development of Version 2 of its Compli360 dosage and verification platform, which is expected to further streamline installations and support the efficient scaling of deployments across multiple jurisdictions

The market response to the Company's technology remains highly encouraging. We continue to receive positive feedback from farmers who are increasingly seeking practical and economically viable solutions to meet evolving environmental requirements without negatively impacting on farm output or workload. Similarly, major dairy and livestock processors are showing growing interest in technologies that can deliver measurable and verifiable environmental outcomes across their supply chains. At a regulatory level, engagement remains constructive, with increasing recognition of the role that scientifically validated technologies can play in helping agriculture meet sustainability and emissions reduction targets. The pace of this regulatory process can be slow given the novel nature of our GasAbate technology.

The business faces cost challenges associated with developing and executing pilot programmes across multiple European jurisdictions. In addition, GlasPort has deliberately adopted a strategy of socialising the technology across a broad farmer base rather than concentrating deployments in a limited geographic area. While this strategic decision increases short-term operational costs and is perhaps slower initially, it provides valuable benefits by accelerating farmer engagement, generating diverse performance data across different production systems and creating broader market awareness. Management believes this approach represents the correct long-term strategy as the Company prepares for large-scale commercial expansion.

Importantly, as installations continue to become operational, emerging data and our ongoing research programmes are demonstrating a number of co-benefits beyond methane mitigation alone. Alongside environmental performance, the technology is showing potential to deliver wider benefits that may enhance its value proposition for farmers, processors and regulators. We will continue to invest in our R&D program to fully validate these important co-benefits for farmers and the wider industry. Additional investment in developing the regulatory market that supports our commercial clients to valorize the technology will also be required.

Change of CEO.

Roebuck is encouraged by the opportunity represented by Glasport which is on the cusp of exciting growth opportunities across Europe and further afield in sustainable livestock production.

In light of the refocusing of the Group’s business on Glasport, Kieran Mahon, who has been CEO of Roebuck Food Group plc since rejoining the group in mid 2023, has agreed to step down from the board as an executive director from todays date. Kieran Mahon has committed to assist and support the Group, including the new CEO, in every way possible during this hand-over period.  Jusitn McCarthy current CEO of GlasPort Bio will assume the role as CEO of Roebuck Food Group on 31st October at which point he will also join the board. He will continue in his roles as CEO of GlasPort Bio and Executive Chair of GlasPort Rumentech.

The Board wishes to acknowledge Kieran Mahon’s contribution to Roebuck and its predecessor Norish and to thank Kieran for his strategic and energetic leadership since rejoining Roebuck, as CEO, in 2023.

Roebuck Food Group Plc
Consolidated income statement
For the six months ended 30 June 2026
							Six months	Six months
							ended	ended
							30 June	30 June
							2026	2025
							(Unaudited)	(Restated)
							£’000	£’000
Continuing operations
Revenue							5,464	5,104
Cost of sales							(4,645)	(4,337)
Gross profit							819	767
Other Income							124	242
Administrative expenses							(2,277)	(1,864)
Acquisition and related costs							(11)	(95)
Operating loss							(1,345)	(950)
Finance income - interest receivable							-	3
Finance expenses – interest on bank loans							(56)	(5)
Loss before taxation							(1,401)	(952)
Income taxes – Corporation tax							-	-
Income taxes – Deferred tax							-	-
Loss for the period from continuing operations							(1,401)	(952)
Profit/(loss) from discontinued operations							21	(68)
Loss for the period							(1,380)	(1,020)
Other comprehensive losses							48	(1)
Total comprehensive loss for the period							(1,332)	(1,021)
Losses attributable to:
Owners of the parent							(771)					(784)
Non-Controlling Interest							(561)					(237)
							(1,332)					(1,021)
From continuing operations - basic							(1.38)p	(0.94)p
- diluted							(1.38)p	(0.94)p
From discontinued operations - basic							0.2p	(0.7)p
- diluted							0.2p	(0.7)p
Roebuck Food Group plc
Financial position
As at 30 June 2026
				As at		As at			As at
				30 June		30 June			31 December
				2026		2025			2025
				(Unaudited)		(Restated)			(Audited)
				£’000		£’000			£’000
ASSETS
Non-current assets
Goodwill				966		966			966
Investments – fair value				833		833			833
Equity option derivative – fair value				928		928			928
Intangible assets				5,067		5,502			5,281
Property, plant and equipment				1,126		1,191			1,120
				8,920		9,420			9,128
Current assets
Trade and other receivables				1,773		1,847			1,996
Inventories				1,021		1,377			1,494
Cash and cash equivalents				1,162		2,848			1,759
				3,956		6,072			5,249
TOTAL ASSETS				12,876		15,492			14,377
Equity attributable to equity holders of the parent And non-controlling interest
Share capital				2,077		2,077			2,077
Share premium account				8,938		8,938			8,938
Other reserves				(6)		(99)			(54)
Retained earnings				(4,826)		(2,403)			(4,005)
Equity attributable to owners of the parent				6,183		8,513			6,956
Non-controlling interest				3,104		4,279			3,665
TOTAL EQUITY				9,287		12,792			10,621
Non-current liabilities
Borrowings				9		17			13
Deferred tax				607		74			607
				616		91			620
Current liabilities
Trade and other payables				1,330		2,322			2,354
Borrowings				1,643		287			782
				2,973		2,609			3,136
TOTAL EQUITY AND LIABILITIES				12,876		15,492			14,377
Roebuck Food Group plc
Consolidated statement of changes in equity For the six months ended 30 June 2026
					Non
	Share	Share	Other		Controlling		Retained
	capital	premium	Reserves		Interest		earnings			Total
	£'000	£'000	£'000		£’000		£'000			£'000
At 1 January 2026	2,077	8,938	(54)		3,665		(4,005)			10,621

Net profit for the financial period	-	-	-	-	(821)	(821)
Non-Controlling Interest	-	-	-	(561)	-	(561)
Foreign Exchange Gain	-	-	48	-	-	48
Total comprehensive income for the period	-	-	48	(561)	(821)	(1,334)
At 30 June 2026	2,077	8,938	(6)	3,104	(4,826)	9,287

Roebuck Food Group plc Consolidated cash flow statement For the six months ended 30 June 2026 Six months Six months Ended ended 30 June 30 June 2026 2025 (Unaudited) (Restated) £’000 £’000 Loss on continuing operations before taxation (1,401) (952) Foreign exchange gain                               (16) (16) Gain(/loss) on discontinued activities 21 (68) Finance expenses 56 5 Finance income - (3) Impairment – Intangible Asset 221 189 Depreciation – property, plant and equipment 63 37 (1,056) (808) Changes in working capital: Decrease/(increase) in inventories 473 (75) Decrease in trade and other receivables 223 2,356 Decrease in payables (1,024) (653) Taxation paid - - Net cash used generated from operating activities (328) 1,628 Investing activities Payment for Investment - (833) Payments to acquire subsidiary undertaking - (4,738) Patent additions (28) (95) Purchase of property, plant and equipment (41) (57) Net cash (used in)/ generated from investing activities (69) (5,723) Financing activities Invoice finance utilised (4) (283) New loan advanced 864 - Finance lease capital repayments (4) (12) Net proceeds from issue of share capital - 7,931 Net cash generated in financing activities 856 7,636 Net (decrease)/increase in cash and cash equivalents (597) 2,733 Cash and cash equivalents, at beginning of period 1,759 115 Cash and cash equivalents end of period 1,162 2,848 Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2025, as set out in the 2025 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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