Roebuck Food Group plc

Interim results 2025

Results

Roebuck Food Group plc (AIM: RFG) is pleased to announce its interim results for the six months to end June 2025.

The period reflects the acquisition of a 37.3% controlling shareholding in Glasport Bio Limited ("GPB") and a 16% investment in Glasport RumenTech Limited("GPRT") which were both completed on February 7^th 2025. GPB  has made a lot of progress in the first six months towards commercialisation of GasAbate, its industry-leading manure treatment system for reducing emission of methane and other noxious gases. GPB is now in contract discussions on pilot installations with two potentially significant customers and in exploratory discussions with several others. The company is also progressing discussions regarding carbon-reduction certification.

GPRT which sits as an investment on our Balance Sheet, continues development work on its RumenGlas feed additive. Trials conducted with Teagasc (Ireland's agriculture and food development authority) have shown promising efficacy in reducing enteric methane, while at the same time improving livestock performance. GPRT is currently preparing to commence the regulatory filing and efficacy/safety trials process with the European Food Safety Authority (EFSA), with a view to having the product market-ready in 2028.

The consolidation of GPB in our interim results adds a layer of complexity to the reporting of our half-year numbers, with 100% of GPB's start-up losses taken through the income statement, with the non-owned 62.7% interest backed-out after the reported loss for the period.

The total loss generated by Roebuck Food Group Plc in the period amounted to £1.06m. This compares with a loss of £4.1m in the same period of the prior year. Within this overall loss of £1.06m, Glasport Bio generated a loss of £467,000 (of which £174,000 is attributable to Roebuck Food Group plc).

Elsewhere, Moorhead & McGavin, our plant-based ingredients business experienced a challenging trading period in what was a very difficult UK food-service market, with sales down 23%, reflecting in part the elimination of some less profitable business. Contribution was down by £335,000. Gross margins declined by 1%, year on year, reflecting some price deflation while costs increased, reflecting an investment in people.

Foro Food Solutions generated a loss of £54,000 for the period. This comprises a profit of £7,000 from our Sourcing business based in Cork, while our new Retail business (which commenced in September 2024) generated a start-up loss of £61,000. Head office costs at Roebuck Food Group reduced substantially, from £564,000 to £395,000.

Outlook

Regarding our plant-based ingredients and products business, we have seen a welcome improvement in trading trends in recent weeks and face less challenging like-for-like comparisons in the second half of the year.

Management are excited at the prospects for Roebuck Food Group plc. We have pivoted to a deep science business through the Glasport Bio and Glasport RumenTech transactions. All the information and progress to hand since completing these transactions confirms our believe that the science-underpinning these companies is robust, and the commercial opportunities are very significant.

We would like to compliment the GlasPort Bio and Glasport RumenTech teams on their continued success in attracting significant non-dilutive grant funding for multi-year collaborative research and demonstration projects with industry partners for their respective technologies, GasAbate and RumenGlas. Grants totalling €4.4m have been awarded by the Disruptive Technologies Innovation Fund (DTIF, €2.9m) and the Sustainable Energy Authority of Ireland (SEAI, €1.5m).

The DTIF matched-funding FutureLives project is in collaboration with Agri IoT and University of Galway, with a goal to enhance nutrient efficiency and significantly reduce greenhouse gas emissions, contributing to a more climate-resilient agricultural sector. The SEAI GasAbate Select project is in conjunction with Ashleigh Farms and will demonstrate how GasAbate treatment can transform animal manures into efficient, cost-effective feedstocks for green-energy production by medium-scale AD plants. The grant awards, which may be worth up to €2.4m in aggregate between GlasPort Bio and Glasport RumenTech, represent a further vote of confidence in these technologies regarding their potential for recycling nutrients and energy from livestock farming and decarbonisation of food production.

Dividend

The board does not recommend the payment of a dividend.