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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% | 13.00 | 12.00 | 14.00 | 13.00 | 13.00 | 13.00 | 0.00 | 07:49:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Refrigerated Whse & Storage | 26.74M | -1.85M | -0.0373 | -3.49 | 6.46M |
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
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IR EAENPASEDEAA
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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