Interim Results, 2026

Roebuck Food Group plc

Interim results 2026

Results

Roebuck Food Group plc (AIM: RFG) is pleased to announce its interim results for the six months to end June 2026.

GlasPort Bio (“GlasPort”), in which Roebuck holds at 37% stake, generated £264,000 of revenue in the period under review (nil revenue in the comparable period in 2025) following the installation of GlasPort’s patent protected GasAbate system on a number of large commercial dairy farms in Ireland, Northern Ireland, and Continental Europe. In the period under review, GlasPort progressed pilot roll-out projects with several leading dairy processors.

Our investment in GlasPort was made in February 2025, at which point the business was pre-revenue. GlasPort recorded a loss of £896,000 in the period under review. This compares with a loss of £378,000 in the comparable period of the prior year, during which time the investment was included for approximately five months. A lower level of grant income in 2026 (£111,000 compared with £242,000 in the prior year and higher admin expenses at £808,000 (compared with £461,000) as a strong management and advisory team was put in place, are the key drivers behind the increased cost base along with further investment in research and development.

Within the Plant-based division, M&M recorded revenues of £3.73m, reflecting growth in revenues of 13.3%. This compares with sales of £3.29m in the comparable period of 2025. Volumes were ahead by 20%. Gross margins in the Plant-based division improved from 15% to 15.9%. The combination of improved sales and better gross margins more than mitigated modest cost increases to see profits at the EBITDA level improve from (£30k) H1 2025 to £110k EBITDA in H1 2026 (before one-off restructuring costs of £91k). The recovery in volumes at M&M, which has been underway since the second half of 2025 continues to accelerate in 2026, and this together with lower payroll costs and improved gross margin, delivered an EBITDA improvement of £140,000 (before restructuring costs) in Q2 2026 versus Q1 2026.

Foro generated an EBITDA of £26k in H1 2026, compared with £6k in the comparable period in 2025. Sales were down 19.5% in the first half of 2026, and the improved out-turn reflected a better mix of higher-margin business.

The total costs of running the listed group continue to reduce, down from £395k in H1 2025 to £387k in H1 2026. Excluding contributions to GlasPort and exceptionals, the cost of running the listed Company in H1 2026 was £295k.

Outlook

GlasPort Bio continues to build its recurring revenue base, with a total of 40-45 additional installations expected to be onboarded in the second half of 2026 across both Ireland and Europe. These installs will provide important learnings for the business in terms of developing our system to adapt to the range of manure storage systems on farms. This ramping up of installs will see our cash burn increase in H2 given the added costs of carrying out multiple pilot installs across a number of Member States.

Glasport RumenTech, the early-stage biotech developer of solutions to reduce methane emissions from ruminant livestock in which Roebuck holds a 16% investment, is progressing towards requisite studies as part of the EFSA approval process for its feed additive candidate.

Moorhead & Mc Gavin has been substantially restructured with a new management team in place and a structurally lower payroll cost base. We are confident in the management team’s strategy to restore the business to previous levels of profitability.

Foro is performing well in the early months of the second half of 2026.

Balance Sheet

The Net Asset Value per share as at 30th June 2026 equates to 9.2p. Post the half year we completed a Sale and Leaseback on the property at Motherwell for £850,000 net of transaction costs. Proceeds from this transaction were used to fully repay the loan drawn down in March as referenced in the preliminary results statement and to add to the cash balances, with a corresponding Right of Use asset item of £0.7m added to liabilities under IFRS 16.

Dividend

The board does not recommend payment of a dividend.

GlasPort Bio Limited Call Option

As disclosed to the market when the GlasPort Bio Limited transaction was completed in February 2025, Roebuck acquired a Call Option on the Original Shareholders' shares in GlasPort which would allow the Group, upon full exercise of this option, to increase its shareholding from 37% to 83% (pre management and staff growth-share dilution) on pre-agreed terms. This Call Option became exercisable from 07 August 2026, with the window to acquire part or all of these shares extending to February 2029. Under the disclosed terms of this Call Option, the price of the shares subject to the call option was set at the post-money value per share of the original transaction, plus three additional increments based on achievement of three specific pre-agreed developmental milestones.

With the first of these milestones having been achieved (grant of US patent by the USPTO) the cost to Roebuck to exercise the Call Option would be approximately £7.8m. The Original Shareholders of Glasport can elect to take up to 50% of the consideration for sale of their GlasPort shares in Roebuck shares at 90% of the 60-day value-weighted average price of shares traded on the London Stock Exchange. Furthermore, under the terms of the Option Agreement, the Original Shareholders and Roebuck can, by mutual agreement, elect to settle consideration for exercise of the Call Option entirely in Roebuck shares. Achievement of all three developmental milestones during the Call Option window would increase the total cost to exercise the Call Option to approximately £12m.

Roebuck is considering its strategy with regard to the exercise of this Call Option, and also the likely growth-capital requirements of GlasPort for its commercial roll-out across several key markets over the next 24 months. This work is well advanced, and Roebuck expects to be in a position to update the market on its deliberations in this regard in the near future.

Any decision to issue shares to fund exercise of the Call Option and / or to issues shares to fund growth-capital for GlasPort would be put before a extraordinary general meeting of Roebuck shareholders for approval.

Plant-based Ingredient Division

As disclosed in the 2025 Interim and full-year statements, the Plant-based Ingredient Division (which comprises Moorhead & McGavin, and Foro Food Group) experienced difficult trading conditions and negative cashflow during 2025. Considering the trading requirements of this division along with geopolitical instability and market uncertainty which emerged in February 2026, the Board took the precautionary decision in March 2026 to draw down a €1 million loan which increased liquidity headroom in the Group through to June 2027.

Roebuck Management and Board undertook a detailed review of this division with the objectives of returning the business to significant profitability and progression towards value realisation of both businesses. This review resulted in substantial management changes, cost reductions and customer re-positioning at Moorhead & McGavin, and we are pleased to report that the business has returned to profitability in Q2 and Q3 2026.

On 4 September 2026, Roebuck announced that Moorhead & McGavin has successfully completed the Sale and Leaseback of its freehold property in Motherwell for £900,000 (net £850,000 after transaction costs) to an independent Scottish property investment company. The lease is for 10 years with a break in year 5. The agreed annual rent is £90,000 per annum for the first 5 years, and the lease is guaranteed by Roebuck Food Group Plc. Roebuck was advised on the transaction by the Scottish commercial property advisory firm, Burnett Real Estate, and by a leading Scottish law firm, Brodies LLP.

Further measures to realise value from this division are well advanced and should release capital to the Group in H2 2026.

Our Plant-based Division performance has improved substantially over recent months. Over time the intention is to monetize this business to release capital to fund growth elsewhere in the Group. With strong commercial management teams in place at our subsidiaries, we believe it is both appropriate and necessary to further simplify the business, and in the process, to reduce the central running costs of Roebuck plc. 

Glasport Bio

GlasPort continues to make solid operational and commercial progress as the business advances its strategy of building a leading verified platform for reducing the environmental footprint of livestock agriculture.

The company has continued to expand deployments across multiple European markets, strengthening its position with farmers, processors, industry stakeholders and regulators while steadily building the foundations for recurring revenue growth. During the period under review GlasPort’s patent protected GasAbate system was installed on a number of large commercial dairy farms in Ireland, Northern Ireland, and Continental Europe. By year end management are confident that GasAbate technology will be deployed across 15,000 dairy cows and 500 sows. The Company is progressing development of Version 2 of its Compli360 dosage and verification platform, which is expected to further streamline installations and support the efficient scaling of deployments across multiple jurisdictions

The market response to the Company's technology remains highly encouraging. We continue to receive positive feedback from farmers who are increasingly seeking practical and economically viable solutions to meet evolving environmental requirements without negatively impacting on farm output or workload. Similarly, major dairy and livestock processors are showing growing interest in technologies that can deliver measurable and verifiable environmental outcomes across their supply chains. At a regulatory level, engagement remains constructive, with increasing recognition of the role that scientifically validated technologies can play in helping agriculture meet sustainability and emissions reduction targets. The pace of this regulatory process can be slow given the novel nature of our GasAbate technology.

The business faces cost challenges associated with developing and executing pilot programmes across multiple European jurisdictions. In addition, GlasPort has deliberately adopted a strategy of socialising the technology across a broad farmer base rather than concentrating deployments in a limited geographic area. While this strategic decision increases short-term operational costs and is perhaps slower initially, it provides valuable benefits by accelerating farmer engagement, generating diverse performance data across different production systems and creating broader market awareness. Management believes this approach represents the correct long-term strategy as the Company prepares for large-scale commercial expansion.

Importantly, as installations continue to become operational, emerging data and our ongoing research programmes are demonstrating a number of co-benefits beyond methane mitigation alone. Alongside environmental performance, the technology is showing potential to deliver wider benefits that may enhance its value proposition for farmers, processors and regulators. We will continue to invest in our R&D program to fully validate these important co-benefits for farmers and the wider industry. Additional investment in developing the regulatory market that supports our commercial clients to valorize the technology will also be required.

Change of CEO.

Roebuck is encouraged by the opportunity represented by Glasport which is on the cusp of exciting growth opportunities across Europe and further afield in sustainable livestock production.

In light of the refocusing of the Group’s business on Glasport, Kieran Mahon, who has been CEO of Roebuck Food Group plc since rejoining the group in mid 2023, has agreed to step down from the board as an executive director from todays date. Kieran Mahon has committed to assist and support the Group, including the new CEO, in every way possible during this hand-over period.  Jusitn McCarthy current CEO of GlasPort Bio will assume the role as CEO of Roebuck Food Group on 31st October at which point he will also join the board. He will continue in his roles as CEO of GlasPort Bio and Executive Chair of GlasPort Rumentech.

The Board wishes to acknowledge Kieran Mahon’s contribution to Roebuck and its predecessor Norish and to thank Kieran for his strategic and energetic leadership since rejoining Roebuck, as CEO, in 2023.