TIDMRFG
RNS Number : 8923A
Roebuck Food Group PLC
28 September 2022
Roebuck Food Group plc
Interim results 2022
Results
Roebuck Food Group plc (AIM: RFG), is pleased to announce its
interim results for the six months ended 30 June 2022.
Financial Highlights
-- Sales increased by 14%, from GBP11m to GBP12.5m.
-- Operating profit from continued operations GBP0.2m (2021 loss of GBP0.2m).
-- Net debt of GBP1m (Dec 21 Net cash GBP1.4m). This has mainly
arisen after settling GBP1.5m of liabilities in respect of the sale
of the cold stores.
-- Milk production increased 8.4%
-- Operating margin at the Sourcing Division increased from 1.2% to 1.9%
-- Operating profit from dairy division increased from breakeven to GBP0.2m
Divisional Highlights
GBP'm Sourcing Dairy
Jun-22 Jun-21 % Growth Jun-22 Jun-21 % Growth
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- --------- --------- ---------
Revenue 11,772 10,479 12.3% 761 508 49
--------- --------- --------- --------- --------- ---------
Operating
Profit 225 121 85.9% 213 32 (566%)
--------- --------- --------- --------- --------- ---------
Operating
Margin 1.9% 1.2% 28% 6.3%
--------- --------- --------- --------- --------- ---------
Sourcing Division
Sales at our sourcing division increased by 12%, compared with
the same period in 2021, from GBP10.5m to GBP11.8m. Operating
profit improved from GBP121,000 to GBP225,000.
Our product sourcing division has seen strong half year growth
with continuous development of the protein export business to South
Africa and South America. The sourcing division has also
diversified it's product portfolio to also include Dairy Powders,
Ingredients and Plant Based Ingredients.
As part of a strategic alignment with Townview Foods Limited.
Foro International Connections Ltd has been rebranded to Townview
Sourcing Ltd in May 2022.
Dairy Division
Our primary dairy operation, Cantwellscourt Farm Ltd, continues
to perform well. Milk production for half year was up 8.4%, whilst
pricing was up 32% year on year. This was partially offset by input
cost inflation, particularly in feed and fertiliser; our
pasture-based system gives us some protection from rising input
prices. Whilst weather was favourable in the first half of the
year, we experienced some drought conditions toward the end of
summer which will have some impact on feed costs and production in
the second half. Overall, we expect a strong performance for the
full year, mainly driven by higher dairy prices but also consistent
performance across our main operating KPIs for production, pasture
and animal health.
Our subsidiary, Grass to Milk Company Ltd, had a difficult first
half, it exited the Chinese market due to ongoing lockdowns, supply
chain disruptions and cost inflation. China has proven a difficult
market for a majority of Overseas Dairy Companies over the past
24-months. At this juncture, management is assessing
commercialisation options for A2 protein ingredients in other
export markets, particularly the US, where a shortage of domestic
infant formula has created significant opportunities for overseas
brands. Commercialisation of these market opportunities is likely
to take 12-24 months.
Discontinued
Our subsidiary Grass to Milk Company produced and shipped
A2-protein liquid dairy products for the Chinese market which we
exited in the first half of 2022 due to ongoing lockdowns, supply
chain disruptions and cost inflation. We have impaired the
intangible asset along with costs totalling GBP1m.
On the 28(th) October 2021, we sold the cold store business,
resulting in a profit on disposal of GBP40m. Following the sale, we
made a capital return to shareholders of GBP1.66 per share totaling
GBP49.9m in November 2021. In the first half of the year we paid
GBP1.5m in discharging liabilities in respect of the sale of the
business.
Strategic Review
Following the successful sale of its Cold Stores business,
Roebuck Food Group PLC (RFG), formerly known as Norish PLC,
returned GBP49.92m to shareholders at the end of 2021. Your board
is conducting a strategic review of the group's businesses, with a
view to maximising shareholder value and / or liquidity in the
company's shares.
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
2022
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Restated) (Restated)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 12,533 10,987 24,452
Cost of sales (12,228) (10,947) (24,256)
Gross profit 305 40 196
Other income 133 113 161
Administrative expenses (200) (402) (500)
Fixed asset impairment - - (862)
---- ---------------------- ----------- -------------
Operating profit/(loss) from continuing
operations 238 (249) (1,005)
---- ---------------------- ----------- -------------
Finance income - interest receivable - - -
Finance expenses - lease interest (13) (13) (26)
Finance expenses - interest on bank
loans (29) (16) (36)
Profit/(loss) on continuing activities
before taxation 196 (278) (1,067)
Income taxes - Corporation tax - - (20)
Income taxes - Deferred tax - - 33
Profit/(loss) for the period attributable
to owners of the parent from continuing
operations 196 (278) (1,054)
(Loss)/profit from discontinued activities (1,096) 1,286 39,121
---- ---------------------- ----------- -------------
(Loss)/Profit for the period (900) 1,008 38,067
---- ---------------------- ----------- -------------
Other comprehensive income 178 (228) (355)
Total comprehensive income for the
year (722) 780 37,712
---- ---------------------- ----------- -------------
Earnings per share expressed in
pence per share:
From continuing operations
- basic 0.65p (0.92)p (3.5)p
- diluted 0.65p (0.92)p (3.5)p
From discontinued operations
- basic (3.65)p 4.28p 130.1p
- diluted (3.65)p 4.28p 130.1p
Roebuck Food Group plc
Financial position
As at 30 June 2022
As at As at As at
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Restated) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 2,338 2,338 2,338
Intangible assets - 1,906 665
Biological assets 928 856 762
Property, plant and equipment 2,188 22,960 2,014
5,454 28,060 5,779
----------- ---------------------------- -----------
Current assets
Trade and other receivables 4,231 8,494 3,988
Inventories 449 157 97
Cash and cash equivalents 2,255 843 4,543
Assets of disposal group classified
as held for sale - 270 -
6,935 9,764 8,628
----------- ---------------------------- -----------
TOTAL ASSETS 12,389 37,824 14,407
----------- ---------------------------- -----------
Equity attributable to equity
holders of the parent
And non-controlling interest
Share capital 564 5,640 564
Share premium account - 7,321 -
Other reserves (59) (87) (237)
Retained earnings 5,552 6,758 6,452
----------- ---------------------------- -----------
TOTAL EQUITY 6,057 19,632 6,779
----------- ---------------------------- -----------
Non-current liabilities
Borrowings 954 5,052 794
Deferred tax 35 1,244 35
----------- ---------------------------- -----------
989 6,296 829
----------- ---------------------------- -----------
Current liabilities
Trade and other payables 2,667 6,119 2,579
Current tax liabilities - 450 -
Liabilities held for sale 330 - 1,869
Borrowings 2,346 5,327 2,351
5,343 11,896 6,799
----------- ---------------------------- -----------
TOTAL EQUITY AND LIABILITIES 12,389 37,824 14,407
----------- ---------------------------- -----------
Roebuck Food Group plc
Consolidated statement of changes in equity
For the six months ended 30 June 2022
Other
Share Share Other Distributable Retained
capital premium Reserves Reserves earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 5,640 7,321 141 - 5,750 18,852
------- ------- ----------- ---------------------------- ----------- -----------
Profit for the
financial
year - - - - 1,008 1,008
Foreign exchange
gain - - (228) - - (228)
------- ------- ----------- ---------------------------- ----------- -----------
Total comprehensive
income for the
period - - (228) - 1,008 780
Issue of share
capital - - - - - -
Equity dividends
paid (recognised
directly in equity) - - - - - -
Transactions with
owners - - (228) - 1,008 780
At 30 June 2021 5,640 7,321 (87) - 6,758 19,632
------- ------- ----------- ---------------------------- ----------- -----------
Net profit for the
financial period - - - - 37,059 37,059
Foreign exchange
loss - - (127) - - (127)
------- ------- ----------- ---------------------------- ----------- -----------
Total comprehensive
income for the
period - - (127) - 37,059 36,932
Issue of share
capital - - - - - -
Equity dividends
paid - - - - (510) (510)
Capital redemption - - - (12,420) (37,497) (49,917)
Gain on capital
redemption - - - - - -
JSOP - - - - 642 642
Reduction in capital (5,076) (7,321) (23) 12,420 - -
Transactions with
owners (5,076) (7,321) (23) - (37,365) (49,785)
At 31 December 2021 564 - (237) - 6,452 6,779
======= ======= =========== ============================ =========== ===========
Net profit for the
financial period - - - - (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
=== ==== === ===== =====
Roebuck Food Group plc
Consolidated cash flow statement
For the six months ended 30 June 2022
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Restated) (Restated)
GBP'000 GBP'000 GBP'000
Profit/(loss) on continuing activities before
taxation 196 (278) (1,067)
Gain on biological assets (133) (113) (161)
Foreign exchange loss/(gain) 54 453 (50)
(Loss)/profit on discontinued activities (1,096) 1,286 (269)
Finance expenses 42 29 62
Bad debt expenses - - 13
Taxation charge - - (5)
Impairment - Intangible Asset 665 - 860
Impairment - property, plant and equipment - - 1,519
Depreciation - property, plant and equipment 84 987 1,699
----------- ---------- -----------
(188) 2,364 2,601
Changes in working capital:
Increase in inventories (352) (99) (39)
(Increase)/decrease in trade and other receivables (243) (968) 10
Increase in trade and other receivables for
disposal - 111 381
Decrease/(increase) in current liabilities held
for sale (1,539) - 1,869
Increase/(decrease) in payables 88 (169) (554)
----------- ---------- -----------
Cash generated from operations (2,234) 1,239 4,268
Taxation refund/(paid) - 22 (205)
----------- ---------- -----------
Net cash generated from operating activities (2,234) 1,261 4,063
----------- ---------- -----------
Investing activities
Investment in intangible assets - (685) (986)
Purchase of biological assets (12) (10) (9)
Sale of biological assets 13 8 127
Proceeds on disposal of subsidiary - - 55,160
Costs incurred on disposal of subsidiary - - (3,533)
Cash included in subsidiary disposed - - (72)
Purchase of property, plant and equipment (211) (1,177) (1,840)
Net cash used in investing activities (210) (1,864) 48,847
----------- ---------- -----------
Financing activities
Dividends paid to shareholders - - (510)
Invoice finance receipts 3 475 1,016
Finance lease capital repayments (10) (623) (1,390)
Finance lease advance 172 258 616
Capital redemption JSOP - - 642
Share capital redemption - - (49,917)
Term loan repayments (9) (214) (374)
Net cash used in financing activities 156 (104) (49,917)
Net (decrease)/increase in cash and cash
equivalents (2,288) (707) 2,993
----------- ---------- -----------
Cash and cash equivalents, at beginning of period 4,543 1,550 1,550
----------- ---------- -----------
Cash and cash equivalents end of period 2,255 843 4,543
----------- ---------- -----------
Note : The accounting policies applied throughout the period are
consistent with those applied for the year ended 31 December 2021,
as set out in the 2021 Annual Report.
Enquiries:Roebuck Food Group
Gerard Murphy, Finance Director Telephone: + 44 28 30257760
Davy
Anthony Farrell Telephone: + 353 1 679 6363
Six months Year
ended Ended
30 June 31 December
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