Roebuck Food Group Plc (LSE:RFG) shares were up 10% in Tuesday morning's trade, thanks to a trading update that highlighted progress at GlasPort Bio and performance in its plant-based ingredients division.
Galway-based GlasPort Bio, which works on agricultural innovations that focus on sustainability, is said to have made “significant progress and achieved many milestones towards commercialisation" during the year.
In particular, this has seen progress for the GasAbate product, which is developed to reduce methane emissions from stored cattle and pig slurry.
The company highlighted that it has built a commercial team, completed pilot installations on large-scale farms in three countries and generated first recurring revenues in the final quarter of the year.
Roebuck told investors that additional non-dilutive grant funding of €1.85 million secured, with the Carbon Trust Assurance confirming methane abatement by an average of 78%.
A further €0.55 million has been secured for GlasPort RumenTech, a feed additive designed to reduce methane emissions from cows and other ruminants. Cow burps, mainly.
In its Moorhead & McGavin and Foro Food Solutions division, Roebuck said sales stabilised through the second half, with M&M sales up 2% in Q3 and 4% in Q4, leaving full-year M&M sales down 11%, while division sales including Foro were £10.9 million, down 4.7% year-on-year.
In London, Roebuck shares were up 2p or 10%, changing hands at 22p each.