Annual Report and Financial Statements 2021
Roebuck Food Group Plc (formerly Norish Plc)
For the financial year ended 31 December 2021
ANNUAL REPORT 2021 | |
Page | |
Corporate Profile and Group Operations | 1 |
Financial Highlights | 2 |
Chairman's Statement | 3-5 |
Financial Review | 6-7 |
Shareholder Information | 8-9 |
Board of Directors | 10 |
Corporate Information | 11 |
Directors' Report | 12 - 25 |
Statement of Directors' Responsibilities | 26 |
Independent Auditor's Report | 27 - 33 |
Consolidated Statement of Comprehensive Income | 34 - 35 |
Consolidated Statement of Financial Position | 36 |
Consolidated Statement of Changes in Equity | 37 |
Consolidated Cash Flow Statement | 38 |
Notes to the Consolidated Financial Statements | 39 - 78 |
Company Statement of Financial Position | 79 |
Company Statement of Changes in Equity | 80 |
Company Cash Flow Statement | 81 |
Notes to the Company Financial Statements | 82 - 86 |
FINANCIAL CALENDAR 2022 |
Announcement of preliminary results | 28 March 2022 |
Annual Report posted to shareholders | 30 April 2022 |
Annual General Meeting | To be arranged |
Announcement of interim results | To be advised |
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
Restated | ||
2021 | 2020 | |
£'000 | £'000 | |
Revenue - continuing operations (note 1) | 24,452 | 18,756 |
Operating loss - continuing (note 1) | (2,610) | (727) |
Loss before tax - continuing (note 1) | (2,672) | (789) |
Basic loss per share - continuing (pence) (note 1) | (8.8)p | (2.8)p |
Diluted earnings per share - continuing (pence) (note 1) | (8.8)p | (2.8)p |
Net (cash)/debt to EBITDA (times) (note 1) | (77.7) | 2.2 |
Dividend paid per share | ||
- interim for current year | Nil | Nil |
- final for previous year | 2.0c | Nil |
2.0c | Nil | |
Capital employed | £'000 | £'000 |
Shareholders' funds | 6,779 | 18,852 |
Net (cash)/ borrowings | (1,398) | 8,705 |
5,381 | 27,557 | |
Gearing - excluding goodwill (see Note 2 below) | (31)% | 53% |
Note 1 |
The 2020 comparatives have been restated to remove discontinued operations.
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
£'m | Sourcing | Dairy | ||
2021 | 2020 | 2021 | 2020 | |
Revenue | 23.3 | 17.8 | 1.2 | 1.0 |
EBITDA | 0.3 | 0.3 | 0.2 | 0.0 |
Operating Profit/(loss) | 0.3 | 0.3 | (2.4) | (0.1) |
Operating Margin | 1.3% | 1.8% | (200%) | (10%) |
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.
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Roebuck Food Group plc published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 10:34:23 UTC.