Business
Preliminary Results
Preliminary Results.
About this update from Roebuck Food Group Plc
[{"type":"text","content":"\n\n \nRoebuck Food Group plc\nPreliminary results for the year ended 31 December 2024\n \nChairman's Statement\nDear Shareholders,\n \nThe past year was one of significant change for Roebuck Food Group; some changes anticipated, planned and executed, and others unforeseen and unexpected. In the latter regard, we lost our longtime and esteemed Chairman, the late Ted O'Neill, in November 2024. For two decades, Ted provided entrepreneurial leadership as Executive Chairman, culminating in the monetisation of the Cold Stores Division and return of capital to shareholders. Following payment of this significant dividend, Ted stepped back to the Non-executive Chairman role, while guiding the management team as they set about defining a new corporate strategy for the business. With this strategic reset now completed, I am honoured and excited to take on the role of Non-executive Chairman as we approach the 40th anniversary of Roebuck's listing the stock market (originally as Norish plc) and embark on a new chapter for the business.\n \nThe strategic reset involved identification of investment themes where our team has practical operational experience, applied-science know-how, and strong business ecosystem understanding and networks. Technologies and business models that support sustainable agriculture and food supply were identified as investment areas meeting these criteria. Roebuck believes that climate-smart agriculture and resilient food supply-chains will present major investment opportunities over the next decade. Furthermore, with 2024 global venture capital investment in agrifoodtech down over 70% from its 2021 peak and 30% below its ten-year average, Roebuck considers that high quality targets are now available at attractive valuations.\n \nAcquisitions and Disposals\nDuring 2023 and 2024, Roebuck examined 25 investment targets, conducted due diligence on 9 of these, and proceeded to invest in three companies, namely Moorhead & McGavin (sustainable plant-based ingredient sourcing), GlasPort Bio (animal manure-treatment that reduces methane and other harmful gaseous emissions and preserves valuable recycled plant nutrients and renewable energy) and Glasport Rumen Tech (developing a novel animal feed-ingredient that both reduces methane emissions and enhances livestock performance).\n \nTh...