Roebuck Food Group Reports Pretax Loss
Roebuck Food Group, a Dublin-based agriculture company, has announced a pretax loss of £424,000 ($517,492) for the first half of the year. This is in contrast to a profit of £243,000 in the same period of 2022. Despite the loss, the company saw a 19% increase in group revenue, rising from £12.5 million to £15 million.
Among the factors contributing to the loss were expenses related to Brexit and the decline in dairy prices. The company's sourcing division experienced a decrease in operating profit, from £225,000 to £104,000. At the same time, the dairy business broke even compared to a gain of £200,000 the previous year.
Post-Brexit, Townview Foods, which is part of Roebuck's sourcing division, saw an increase in turnover that necessitated significant investments in employees. As a result, administrative costs rose from £153,000 to £397,000 in the first half of this year. Additionally, the cost of sales increased by approximately £2.8 million.
Roebuck Food Group has decided not to propose a dividend for this year, maintaining the same stance as last year. Despite the loss, the company has plans to make at least one acquisition by the end of the year.
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