Rogue Baron Plc Audited Annual Accounts to 31 December 2021
June 30 2022 - 12:38PM
UK Regulatory
TIDMSHNJ
For Immediate Release
30 June 2022
ROGUE BARON PLC
("Rogue Baron", "Rogue", "The Group" or "The Company")
Audited Annual Accounts to 31 December 2021
Rogue Baron PLC (AQSE: SHNJ), a leading company in the premium spirit sector is
pleased to announce its audited results for the year ended 31 December 2021.
The Company's annual report and accounts will be dispatched to shareholders
shortly and will be available on the website at https://roguebaron.com/.
Rogue Baron PLC
DIRECTOR'S STATEMENT & STRATEGIC REPORT
For the year ended 31 December 2021
Rogue Baron plc listed on the AQSE Growth Market of the Aquis Stock Exchange on
12 March 2021 and has made substantial progress towards the goals it set out
for 2021. In spite of significant global challenges continuing from the Covid
pandemic, the Company has continued to grow and persevere.
Shortly after listing on the AQSE Growth Market one of the Company's key goals
was to enable cross trading on a United States recognised stock exchange. Rogue
successfully completed this on the OTCQB, under the ticker symbol SHNJF in June
2021.
Since listing, Rogue has placed Shinju into seven new U.S. markets; Texas,
Georgia, Nevada, Illinois, Colorado, Kansas, and Ohio. With the addition of
these markets Shinju's availability now covers over 60% of the United States.
In addition, Shinju is now available for sale in the United States on many of
the largest direct to consumer online platforms,
including ReserveBar and Drizly.
ReserveBar alone delivers to 35 states.
Rogue's strategy in marketing Shinju is to focus more on an organic approach
while letting the quality of the product create the traction and employ a
salesforce for direct contact with our customers. This approach is proving
successful as requests from new markets and accounts continue to drive the
product forward. Liquor.com awarded Shinju as one of the '10 best Japanese
Whiskies to drink in 2020' and we were pleased that it was again awarded as
'one of the best' in 2021.
Shinju has recently won double gold at Sante International Spirits competition,
where it was one of only two brands to receive a perfect score of 100, a silver
Medal from The Fifty Best, and gold Medal at the John Barleycorn Awards.
In 2019 the Company sold 1,000 cases of Shinju. In 2020, despite the Covid
shutdowns, the Company doubled the cases sold to 2,000. In 2021 the company
sold 3,500 cases. This number would have been more other than for the ongoing
issues in Asia to USA trade caused by covid lockdowns at Chinese ports which
has had a massive impact on both cost and availability of shipping containers.
Hopefully this backlog should start to unwind to a great extent if not fully by
the end of 2022.
In 2022 the Company plans to make a big marketing push to increase the velocity
and turnover in its current markets, while also expanding into new markets. New
distribution deals have already been announced in the UK and Spain.
As part of its UK launch of Shinju, Rogue spent the four months redesigning and
upgrading the label design on the bottle. Based on the current Japanese Whisky
landscape, the Company believes the new label will set it apart from the
competition and be one of the best-looking labels on the market.
Included in the UK launch was one of the most exciting pieces for the Company,
the introduction of Shinju's first aged extension. Very few of the newer
Japanese whiskies have multiple expressions, especially aged expressions. Aged
Japanese whisky has been in very limited capacity, with many brands having to
pull their aged expressions due to the lack of supply. Rogue feels it is a
perfect time to launch its 8-year old whiskey as aged expressions are in high
demand from customers. The 8-year should open many new accounts for the
Company. Part of the sales strategy the Company will employ is requiring
accounts that want the 8-year to also carry the original. This will continue to
increase the sales of the original Shinju expression as well. The 8-year will
carry a premium which will increase the revenues and margins for the Company.
2021 was a difficult time for the bar/restaurant industry as the initial end of
lockdown proved to be a false dawn in Washington DC as far as hospitality was
concerned with covid restrictions reintroduced. Many bars and restaurants
suffered accordingly. Rogue's Washington DC location, Bin 1301, was no
different. One consequence of lockdowns which was the dramatic effect it would
have on labour markets in the USA (and in many western countries). The ability
to hire labour in the industry became extremely hard even at premium pay
rates. This led to the decision to close our first DC location. The burden on
managing two locations in the post covid environment gave rise to the decision
to close Bin 1301. As much as there is commercial logic to the bar model in
conjunction with spirit brands, the major focus of the Company has been and
will continue to be Shinju whisky for the foreseeable future.
Results for the year
The loss before tax attributable to shareholders for the year amounted to
$1,336,000 (2020: $385,000) which includes transaction costs relating to the
IPO and extraordinary costs of $358,000 (2020: $216,000) and payments made in
shares of $440,000 (2020: $Nil).
Net assets have increased from $2,997,000 to $4,794,000 reflecting the placing
proceeds and the conversion of debt in the year.
Auditor Opinion
Given a qualified opinion in the audit report, quarterly management statements
will be released in each quarter until an audit report is published without
qualification.
Key performance indicators
Due to the size of the Group, the Group currently monitors progress with
particular reference to the following key performance indicators:
Revenue
Revenue from the sales of Shinju has increased from $15,000 to $299,000
reflecting both the increase in sales of Shinju and the fact that the prior
year included only six months of trading. Revenue from Bin 301 is shown as a
discontinued business.
Loss before taxation
The loss before taxation increased from $385,000 to $1,336,000 reflecting the
full year's trading as well as the one off costs of listing and also a
significant non cash loss on the conversion of loan notes.
The Directors of the Company accept responsibility for the contents of this
announcement.
Hamish Harris
Chairman
30 June 2022
Rogue Baron PLC
For further information, please contact:
The Company
Ryan
Dolder
rdolder@roguebaron.com
AQSE Corporate Adviser:
Peterhouse Capital Limited
Guy Miller
+44 (0) 20 7469 0936
AQSE Corporate Broker:
Peterhouse Capital Limited
Lucy Williams
+44 (0) 20 7469 0936
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2021
Year ended Year ended
2021 2020
$'000 $'000
Revenue 299 15
Cost of sales (236) (10)
Gross Profit 63 5
IPO and costs (358) (216)
Payments made in shares (440) -
Other administrative expenses (590) (69)
Total administrative expenses (1,388) (285)
Share of loss in associate company (72) -
Loss from continuing operations (1,397) (280)
Finance cost (15) (50)
Loss before and after taxation from (1,412) (330)
continuing operations
Profit/(loss) on discontinued 76 (55)
operations
Exchange difference on translating (37) (140)
foreign operations
Total comprehensive loss for the (1,373) (525)
year, attributable to owners of the
company
Profit/(loss) attributable to
Non-controlling shareholders 36 (24)
Equity holders of the parent (1,372) (361)
(1,336) (385)
Total comprehensive loss attributable
to
Non-controlling shareholders 36 (24)
Equity holders of the parent (1,409) (501)
(1,373) (525)
Total earnings per ordinary share
Basic and diluted loss per share (1.78) (1.80)
(cents) from continuing operations
Basic and diluted loss per share 0.10 (0.30)
(cents) from discontinued operations
GROUP statement of FINANCIAL POSITION
At 31 December 2021
31 December 2021 31 December 2020
ASSETS $'000 $'000
Non-current assets
Intangible assets 3,826
3,826
Investment in associates
64 -
3,826
3,890
Current assets
Inventory 717 614
Cash and cash equivalents 246 131
Trade and other receivables 325 159
Total current assets 904
1,288
Total assets 5,178 4,730
LIABILITIES
Current liabilities
Trade and other payables 39 240
Loans payable 156 892
Net liabilities of discontinued 189 160
operations
Total current liabilities and total 384 1,292
liabilities
Liabilities falling due over one year
Loans - 441
- 441
Total liabilities 384 1,733
EQUITY
Share capital 119 46
Share premium 6,627 3,529
Exchange reserve (177) (140)
Retained deficit (1,734) (361)
Equity attributable to the equity 4,835 3,074
holders of the Company
Non-controlling interest (41) (77)
Total equity 4,794 2,997
Total equity and liabilities 5,178 4,730
END
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