We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Roebuck Food Group Public Limited Company | LSE:RFG | London | Ordinary Share | IE0006447985 | ORD EUR0.025 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.75 | 12.00 | 13.50 | 12.75 | 12.75 | 12.75 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Refrigerated Whse & Storage | 26.74M | -1.85M | -0.0616 | -2.07 | 3.83M |
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
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 SEEFIWEESELU
(END) Dow Jones Newswires
September 28, 2022 02:00 ET (06:00 GMT)
1 Year Roebuck Food Group Public Chart |
1 Month Roebuck Food Group Public Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions