Roebuck Food : Annual Report 2021 (1.2MB)

Annual Report and Financial Statements 2021

Roebuck Food Group Plc (formerly Norish Plc)

For the financial year ended 31 December 2021

CORPORATE PROFILE

Background

Roebuck Food Group plc (formerly Norish plc) ("Roebuck") is a leading business in both product sourcing (Meat, Dairy and Fish) and a dairy business based in Ireland.

The product sourcing business is made up of mainly Townview Foods Limited ("Townview Food") based in Newry and Foro International Connections Limited ("Foro") based in Dublin. It is a protein sourcing business with a sales footprint across Ireland, UK, and mainland Europe, expanding into other geographical markets.

The dairy business is made up of Cantwellscourt Farm, which is a large A2 milking farm based in Kilkenny, Ireland and Grass 2 Milk which is a value-add functional nutrition business focused on A2 dairy protein with global market potential, based in Naas, Co. Kildare, Ireland.

During the year, Roebuck sold its cold storage business to Nichirei Holding Holland B.V, a wholly owned subsidiary of Nichirei Logistics Group Inc.

Following the sale of the cold storage business, Kieran Mahon, Torgeir Mantor and Willie McCarter resigned from the board of Directors and the following new appointments were made Declan Morrissey as Chief Executive Officer and Gerard Murphy as Finance Director.

Roebuck was founded in 1975 and became a public company in 1986. Its shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

Group Operations

Declan Morrissey - Group Managing Director

• -Declan.Morrissey@roebuckfoodgroup.com

• - 6th Floor

  South Bank House Barrow Street, Dublin 2 D04 TR29

  Ireland

• - Tel: 02830 257760

• - Mob: 00 353 87 942 5631

Locations and Segments

Product Sourcing

•  Newry, Northern Ireland (Townview Foods Limited offices)

•  Dublin, Ireland (Foro International Connections Limited offices)

Dairy Farming

•  Kilkenny, Ireland (Cantwellscourt Farm)

•  Naas, Ireland (Grass 2 Milk)

Discontinued Operations

•  Dublin, Ireland (FMCG business based at Foro International Connections Limited offices)

•  UK, Temperature controlled Business based across 6 sites (Norish NI Limited and Norish Limited)

FINANCIAL HIGHLIGHTS

Note 2

The above gearing figures are expressed as net borrowings (total borrowings less cash) divided by net assets (excluding goodwill).

CHAIRMAN'S STATEMENT

Roebuck Food Group plc (AIM: RFG) is pleased to announce its results for the year ended 31 December 2021.

Group Financial Highlights (Continuing Operations)

•  Group revenue increased by 30% to £24.5m (2020: £18.8m)

•  Cold store business sold for £55.2m. Profit on sale £40m

•  Capital return delivered to Shareholders of £49.9m (£1.66 per share)

•  Net debt of £8.7m was eliminated in October 2021. Net cash at year end £1.4m.

•  EBITDA of £0.2m at the Dairy business (2020: £Nil)

•  Group costs reduced to £0.5m for the year (2020: £0.86m)

Diluted adjusted EPS is calculated using loss for the financial year from continuing operations as the measure of earnings. Financial information above, including comparative information, is from continuing operations only.

Business Highlights

Sourcing Business

Sales at our sourcing business increased by 31% in 2021, compared with the same period in 2020, from £17.8m to £23.3m. Operating profit remained unchanged at £0.3m.

The sourcing business has commenced its strategy in diversifying into sourcing and suppling proteins in new markets outside of the UK and Ireland. South Africa and South America have become significant emerging markets for Townview Foods ("TVF") whilst also introducing TVF to new sourcing capabilities on a global scale. The integration and growth within these markets has initially come at lower margins but will allow the business to push on in 2022 into further international markets with increased margins. Our product sales at TVF increased by 47% to 15,600 tons compared to 10,600 in 2020.

The Group's original investment in the main Sourcing subsidiary, Townview Foods Limited, has been fully recouped and the structures are in place to continue development of this business.

This is an excerpt of the original content. To continue reading it, access the original document here.