TIDMRFG
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 GBP12.5m to GBP14.9m.
-- Net debt decreased by 32% from GBP3.4m December 2022 to GBP2.3m.
-- Net debt (excluding IFRS 16 debt) decreased by 46% from GBP2.4m to GBP1.3m.
-- Both business units (Sourcing and Dairy) profitable, albeit down on prior year.
-- Loss before tax of GBP0.4m, compared to a profit of GBP0.2m in the previous year.
Divisional Highlights
GBP'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 GBP11.8m to GBP14.2m. Operating
profit decreased from GBP225,000 to GBP104,000.
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 GBP16.6m
2020 to stg GBP26.5m 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 GBP0.1m.
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)
GBP'000 GBP'000 GBP'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)
GBP'000 GBP'000 GBP'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
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 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)
GBP'000 GBP'000 GBP'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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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.
END
IR EAENPASEDEAA
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
Roebuck Food Group Public (LSE:RFG)
過去 株価チャート
から 4 2024 まで 5 2024
Roebuck Food Group Public (LSE:RFG)
過去 株価チャート
から 5 2023 まで 5 2024
