Roebuck Food Group trading update: steadying in plant-based, momentum in methane abatement
Roebuck Food Group has put out a trading update for the year ended 31 December 2025, and it’s a tale of two divisions. The plant-based ingredients business had a tough year but found some late traction, while GlasPort Bio – consolidated into the group from 7 February 2025 – ticked off meaningful milestones on the road to commercialisation of its GasAbate system.
There are plenty of operational details here, but limited financial disclosure at group level. Let’s unpack what’s material for investors.
GlasPort Bio and GasAbate: commercial progress, recurring revenues, and 78% methane abatement
GlasPort Bio is clearly the growth engine. The company reports a string of achievements toward commercialising GasAbate, its system targeting methane emissions from manure storage on farms.
- Commercial team build-out under new CEO, Justin McCarthy.
- Pilot installations completed on large-scale commercial farms in three countries with leading food processors.
- Installations now span specialist dairy, pig, and beef enterprises, across both indoor and outdoor storage facilities.
- First recurring revenues generated in Q4 FY25.
- “Best-in-class” manure-methane MRV system designed and delivered. MRV means measurement, reporting, and verification – the data backbone for proving emissions cuts.
- Third-party Assurance from Carbon Trust Assurance, confirming average methane abatement of 78%.
- Further non-dilutive grant funding of €1.85m secured (and €0.55m for Glasport RumenTech). Non-dilutive means cash without issuing new shares.
The Carbon Trust Assurance validation is important. Independent verification of a 78% average reduction strengthens the commercial story, especially where customers need robust data to claim emissions reductions. The delivery of a full MRV system is the other half of the equation – potential buyers and credit markets want numbers they can trust.
The first recurring revenues in Q4 FY25 are small-sample but meaningful – it moves GlasPort Bio from “pilot” to “paying” status. Consolidation from 7 February 2025 means GlasPort Bio’s numbers are included in the group’s reported results from that date, although no revenue or profit figures for the subsidiary are disclosed in this update.
Moorhead & McGavin / Foro: sales decline moderating, EBITDA positive, new contract landed
The plant-based ingredients division – M&M and Foro Food Solutions – had a difficult year as the UK Food Service market stayed soft. Sales at M&M were down 23% at the half-year, but momentum improved as the year wore on.
- M&M sales grew 2% in Q3 and 4% in Q4; full-year M&M sales finished down 11%.
- Full-year change comprised price deflation of -5.9%, volume -5.6%, and mix +0.5%.
- Division sales including Foro were £10.9m, down 4.7% on FY24.
- The division was EBITDA positive in FY25, albeit well down on FY24. EBITDA is earnings before interest, tax, depreciation and amortisation – a proxy for operating cash profit.
- Cost actions and supplier/customer diversification are in place, aiming for sales growth and profit recovery in 2026.
- A “significant” new contract has been won with a leading multinational food manufacturing group.
This is a classic “bad year, better exit rate” setup. Price deflation and lower volumes hurt, but the mix held up and quarterly trends improved into year-end. Remaining EBITDA positive is a small but notable tick in a tough market. The new contract adds some forward visibility, though no value or timing has been disclosed.
Management is also exploring options to “optimise the value” of this business. That could mean many things in practice, but no specifics are provided, so consider it a flag to watch for 2026.
Lean central costs and results timing
Central plc costs were “significantly reduced” in FY25 and will fall further in FY26. Lower overheads are a clean positive for operating leverage as volumes recover or new revenue streams ramp.
Preliminary results for the year ended 31 December 2025 are stated to be published at the end of March 2025. That timing appears inconsistent with the period being reported; the company has not clarified in this RNS.
Key numbers at a glance
| Item | FY25 detail |
|---|---|
| M&M quarterly trend | Q3 sales +2%; Q4 sales +4% |
| M&M full-year change | -11% (price -5.9%, volume -5.6%, mix +0.5%) |
| Division sales (incl. Foro) | £10.9m, -4.7% vs FY24 |
| Division profitability | EBITDA positive (not disclosed) |
| GlasPort Bio revenue | First recurring revenues in Q4 FY25 (not disclosed) |
| GasAbate abatement | 78% average methane reduction (Carbon Trust Assurance) |
| Grant funding | €1.85m (GlasPort Bio) and €0.55m (Glasport RumenTech) |
| Central costs | Significantly reduced in FY25; further reduction in FY26 |
| Prelims timing | End of March 2025 (as stated) |
Why this update matters
For a small-cap food group, the strategic balance is shifting. GlasPort Bio brings a potential growth vector tied to verifiable emissions reduction – an increasingly monetisable space as supply chains decarbonise. Independent assurance at 78% abatement and the delivery of an MRV system are exactly the credibility markers buyers and partners look for. The new grant funding helps extend the runway without equity dilution.
Meanwhile, M&M/Foro is showing stabilisation after a difficult first half. Being EBITDA positive, signing a significant new contract, and lining up cost and supply actions set the division up more constructively for 2026. It is not out of the woods, but the direction of travel improved into Q4.
What’s positive vs what to watch
Positives
- GlasPort Bio reaches first recurring revenues and secures Carbon Trust Assurance on 78% methane abatement.
- Grant funding (€1.85m plus €0.55m) is non-dilutive and supports execution.
- M&M/Foro returns to growth in Q3 and Q4 and remains EBITDA positive for the year.
- Cost discipline at the centre provides operating leverage for any top-line recovery.
Watchpoints
- No group revenue, profit, cash or net debt figures disclosed.
- GlasPort Bio revenue scale, margins, and unit economics not disclosed – adoption and rollout pace remain to be proven.
- M&M still down 11% for the year; EBITDA “well down” on FY24 with no quantum given.
- Results publication date appears inconsistent in the RNS; clarification required.
My take on Roebuck Food Group
This reads like a transition year. The plant-based business absorbed a tough market but ended on a firmer footing, while GlasPort Bio made the kind of third-party validated progress that can unlock customers and, potentially, carbon-related revenue streams. Cost control at the centre helps.
The missing piece is the financials: group-level revenue, margins, cash and outlook aren’t in this update. The preliminary results – whenever precisely published – will need to show how GlasPort Bio’s early revenues and M&M’s stabilisation translate to the P&L and cash flow. Near-term catalysts include further GasAbate installations, contract conversions, and detail on the “optimise value” options for M&M/Foro.
Net-net: encouraging operational momentum at GlasPort Bio, improving trend at M&M, and tighter costs. The numbers will tell the rest of the story.
