ROEBUCK FOOD GROUP PLC
ANNUAL
REPORT & FINANCIAL STATEMENTS
2022
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ANNUAL REPORT 2022
Page | |
Corporate Profile and Group Operations | 1 |
Financial Highlights | 2 |
Chairman's Statement | 3 - 4 |
Financial Review | 5 - 6 |
Shareholder Information | 7 - 8 |
Board of Directors | 9 |
Corporate Information | 10 |
Directors' Report | 11 - 24 |
Statement of Directors' Responsibilities | 25 |
Independent Auditor's Report | 26 - 32 |
Consolidated Statement of Comprehensive Income | 33 - 34 |
Consolidated Statement of Financial Position | 35 |
Consolidated Statement of Changes in Equity | 36 |
Consolidated Cash Flow Statement | 37 |
Notes to the consolidated financial statements | 38 - 77 |
Company Statement of Financial Position | 78 |
Company Cash Flow Statement | 79 |
Company Statement of Changes in Equity | 80 |
Notes to the Company financial statements | 81 - 85 |
FINANCIAL CALENDAR 2022
Announcement of preliminary results | 31 | March 2023 |
Annual Report posted to shareholders | 30 | April 2023 |
Annual General Meeting | To be arranged | |
Announcement of interim results | 31 | March 2023 |
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CORPORATE PROFILE
Background
Roebuck Food Group 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 Townview Foods Limited ("Townview Food") based in Newry and Townview Sourcing Limited (formerly Foro International Connections Limited) based in Dublin. It is a protein and ingredient's 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, whose activities were discontinued during the year. Grass 2 Milk was a value- add functional nutrition business focused on A2 dairy protein based in Naas, Co. Kildare, Ireland. Following ongoing lockdowns, supply chain disruptions and cost inflation, Grass 2 Milk's activities were discontinued during the year.
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 (Townview Sourcing Limited offices)
Dairy Farming
- Kilkenny, Ireland (Cantwellscourt Farm)
Discontinued Operations
- Naas, Ireland (Grass 2 Milk)
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FINANCIAL HIGHLIGHTS
2022 | Restated | |||||
2021 | ||||||
£'000 | £'000 | |||||
Revenue - Continuing operations (Note 1) | 31,351 | 24,313 | ||||
Operating profit/(loss) -continuing (Note 1) | 336 | (1,004) | ||||
Profit/(loss) before tax-continuing (Note 1) | 217 | (1,066) | ||||
Basic earnings/(loss) per share - continuing (pence) (Note 1) | 0.5p | (3.5)p | ||||
Diluted earnings /(loss) per share - continuing (pence) (Note 1) | 0.5p | (3.5)p | ||||
Net (cash)/debt to EBITDA (times) (Note 1) | 0.01 | (0.66) | ||||
Dividend paid per share | ||||||
- interim for current year | Nil | Nil | ||||
- final for previous year | Nil | 2.0c | ||||
Nil | Nil | |||||
Capital employed | £'000 | £'000 | ||||
Shareholders' funds (net of goodwill) | 3,362 | 4,441 | ||||
Net (borrowings)/ cash | (3,440) | 1,398 | ||||
Gearing(Note 2) | 102% | (31)% |
Note 1
The 2021 comparatives have been restated to remove discontinued operations associated with Grass 2 Milk.
Note 2
The above gearing figures are expressed as net borrowings (total borrowings less cash) divided by net assets or Shareholders' funds (net of goodwill £2.3m).
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CHAIRMAN'S STATEMENT
Roebuck Food Group plc (AIM: RFG), is pleased to announce its results for the year ended 31 December 2022.
Group Financial Highlights - Continuing Operations
- Group revenue increased by 29% to £31.4m (2021: £24.3m)
- Earnings per share of 0.5p on continuing operations (2021 : loss of 3.5p)
- Profit after tax from continuing operation of £0.2m ( 2021 : loss £1.1m)
- EBITDA of £0.5m from the Dairy division (2021 : £0.1m)
- EBITDA of £0.4m from the Sourcing division (2021: £0.3m)
Divisional Highlights- Continuing Operations
£'000 | Sourcing | Dairy | ||||
2022 | 2021 | 2022 | 2021 | |||
Revenue | 29.9 | 23.3 | 1.5 | 1.0 | ||
EBITDA | 0.4 | 0.3 | 0.5 | 0.1 | ||
Operating | 0.4 | 0.3 | 0.3 | (0.8) | ||
Profit/(loss) | ||||||
Operating | 1.3% | 1.3% | 20% | (80%) | ||
Margin | ||||||
Sourcing Division
Sales at our sourcing division increased by 28% in 2022, compared with the same period in 2021, from £23.3m to £29.9m. Operating profit improved from £0.3m to £0.4m.
Townview Foods Ltd, continues to execute its commercial strategy which centres on diversification of products and end-markets. Our core animal proteins business continues to deliver consistent revenue and profits with a low-risk trading model and diversification of product sourcing and end-markets. From a standing start in March 2022, we have grown our dairy ingredients trading business into a significant operation both in terms of revenues and profits and we are confident about its prospects in 2023. We are also developing capability in plant-based ingredients which will allow us to offer a full portfolio of ingredient solutions to our customers. Operating margins declined slightly in the period, mainly due to the investment in talent, ICT and marketing. Overall, we are confident that our commercial strategy will continue to deliver profitable growth in 2023.
As part of a strategic alignment with Townview Foods Ltd, Foro International Connections Ltd was rebranded to Townview Sourcing Ltd in May 2022.
Townview Sourcing sales increased by 57% from £2.1m in 2021 to £3.3m in 2022.
The strategic alignment between Townview Foods Ltd and Townview Sourcing Ltd companies will create cost saving efficiencies and allow Roebuck Food Group Plc to have continuing ease of access to the UK, Republic of Ireland and European markets.
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Roebuck Food Group plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 15:59:38 UTC.