TIDMBARK
RNS Number : 0841O
Barkby Group PLC
29 September 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
Barkby Group PLC
("Barkby," the "Group" or the "Company")
Trading update
Change of Accounting Reference Date
Barkby, (AIM: BARK) provides the following update on trading for
the period to 30 June 2023 and advises of a change of accounting
reference date.
Charles Dickson, Executive Chairman, said:
"In line with the stated strategy to refocus the business on
Roadside Real Estate assets, I am pleased to report we have made
good progress with the reorganisation of the Group.
"Since the beginning of 2023, we have built a significant
pipeline of high-quality modern sustainable Roadside Real Estate
developments which will comprise drive-thrus, trade counters, last
mile logistics, convenience food, EV charging hubs and light
industrial commercial uses.
"We continue to explore the funding options that will enable us
to implement our strategy and look forward to providing further
updates in due course."
OPERATIONAL HIGHLIGHTS
Real Estate
The Group's focus is to build and scale a high-quality,
substantial portfolio of modern, ESG compliant Roadside Real Estate
investments. Construction has progressed well at the Company's
Wellingborough and Maldon developments:
-- Wellingborough achieved practical completion in May 2023 and
is fully let, providing a contracted rent of GBP231,000 per annum
across a total rentable space of 14,100 sq.ft. Occupiers include
Greggs, Formula One Autocentres, City Plumbing Supplies and Brewers
Decorator Centre.
-- Maldon is expected to reach practical completion in October
2023 and has a contracted rent of GBP280,000 per annum, 75.8% of
which is index-linked with caps and collars, across a total
rentable space of 14,200 sq.ft.
Two further developments are progressing in Swindon and
Spalding, which are in line with the Company's strategy, targeted
tenant mix and opportunities arising from the installation of EV
charging infrastructure.
Update on disposals
As announced in July 2022, the Board determined to dispose of
the Group's non-real estate businesses and investments. A summary
of progress on disposals is as follows:
-- Completed sale of Workshop Coffee to its management team on 31 July 2023.
-- Centurian Automotive has wound-down trading activity from the
start of the 2023 calendar year.
-- Cambridge Sleep Sciences, ("CSS") has made significant
progress on its Software-as-a-Service license-based business model
and agreed several global licensing deals. It continues to expand
its pipeline of new licensee opportunities. A strategic review of
the business is underway with the aim of evaluating the most
appropriate corporate setting and structure for the company in the
best interests of Barkby's shareholders . There can be no certainty
that any offer or sale will ultimately be made for CSS or the value
of any such proposed deal.
-- The Board is exploring options in relation to divesting Barkby Pubs.
The results of Workshop Coffee, Centurian Automotive, Barkby
Pubs and Cambridge Sleep Sciences are presented as discontinued
operations in the unaudited results for the period to 30 June
2023.
Trading update on disposal assets
Workshop Coffee
Workshop Coffee was sold on 31 July 2023. It made a net loss of
GBP387,000 in the 12-month period to June 2023 (2022: loss of
GBP785,000).
Centurian Automotive
Centurian Automotive wound-down its activity in 2023. The
business made a loss of GBP624,000 in the
12-month period to June 2023 (2022: GBP622,000, excluding
goodwill impairment).
Barkby Pubs
Two leases were surrendered in June 2023 and one freehold was
sold in August 2023, reducing the number of pubs currently operated
to six. Revenue at the retained sites remained steady in the period
and labour cost percentages improved.
Overall, Barkby Pubs reported an EBITDA loss of GBP0.7m in the
12-month period to June 2023 (2022: EBITDA profit of GBP0.4m).
Cambridge Sleep Sciences
The business successfully adapted its revenue model to focus on
Software-as-a-Service licensing, finalising several global license
agreements which are expected to generate revenues in the next
financial year.
The business incurred operating costs of GBP343,000 in the
12-month period to June 2023 and made a net loss of GBP477,000
(2022: loss of GBP760,000).
FINANCIAL HIGHLIGHTS
Results from continuing operations for the 12-month period to 30
June 2023 were revenue of GBP30,000 (2022: GBP10.30m) an operating
loss of GBP1.27m (2022: GBP1.60m profit) and a net loss of GBP2.14m
(2022: loss of GBP5.63m).
The loss for the period from discontinued operations, which
includes Barkby Pubs, Workshop Coffee, Cambridge Sleep Sciences and
Centurian Automotive was GBP3.05m (2022: loss of GBP3.91m).
Net cash available including undrawn facilities was GBP2.0m as
at 30 June 2023.
Change of accounting reference date
The Company announces that it has changed its accounting
reference date to 30 September. Accordingly, its current accounting
period, which commenced on 3 July 2022, will now end on 30
September 2023. The change has been made to align the year end of
all group companies with the market's reporting timetable.
As a result of the changes, the Company's financial calendar for
the coming year will be:
30 September 2023 Extended 15 month financial period ends,
(3 July 2022 to 30 September 2023)
No later than 31 March Audited annual report and financial statements
2024 for the extended 15 month financial period
published
31 March 2024 End of new half-year
No later than 30 June Half-year results published (for the
2024 period from 1 October 2023 to 31 March
2024)
30 September 2024 End of new financial year
Barkby Group PLC
Unaudited Consolidated Statement of Comprehensive Income
Year ended Year ended
30 Jun 2 Jul
23 22
Unaudited Audited
GBP'000 GBP'000
---------------------------------------------------- ----------- -----------
Continuing Operations
Revenue 30 10,298
Cost of sales 0 (5,846)
Gross profit 30 4,452
Administration expenses (1,398) (4,182)
Other operating income 98 83
Movement in fair values 0 1,250
(Loss)/profit from continuing operations
before impairment of goodwill (1,270) 1,603
Impairment of goodwill 0 (6,296)
Loss from continuing operations (1,270) (4,693)
Finance income 0 55
Finance expense (870) (989)
Loss from continuing operations before tax (2,140) (5,627)
Income tax credit 0 21
Loss for the year from continuing operations (2,140) (5,606)
Discontinued operations
Loss for the year from discontinued operations (3,053) (3,908)
Loss and total comprehensive income for the
period (5,193) (9,514)
=========== ===========
Loss for the year is attributable to:
Non-controlling interests included in discontinued
operations (118) (190)
Owners of Barkby Group Plc (5,075) (9,324)
(5,193) (9,514)
=========== ===========
Note: Audited results for the prior year ended 2 July 2022 show
the results of Barkby Pubs as Continuing Operations
RESULTS OF DISCONTINUED OPERATIONS
30 Jun 23
------------------------- ---------------- -------- --------- ------------ ---------
12 Months Cambridge Barkby Workshop Centurian Total
Sleep Sciences Pubs Coffee Automotive
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 6 6,561 1,777 5,876 14,220
Cost of sales (18) (4,419) (1,030) (5,665) (11,132)
---------------- -------- --------- ------------ ---------
Gross profit (12) 2,142 747 211 3,088
Administration expenses (343) (3,541) (1,134) (459) (5,478)
Other income 0 0 0 0 0
Movement in fair
values 0 0 0 0 0
Impairment of goodwill 0 0 0 0 0
---------------- -------- --------- ------------ ---------
Profit/(loss) before
interest and income
tax expense (356) (1,399) (387) (248) (2,390)
Net finance costs (130) (166) 0 (377) (672)
Income Tax expense 9 0 0 0 9
Profit/(loss) after
income tax expense (477) (1,565) (387) (624) (3,053)
---------------- -------- --------- ------------ ---------
02 Jul 22
------------------------- ---------------- -------- --------- ------------ ---------
52 Weeks Cambridge Barkby Workshop Centurian Total
Sleep Sciences Pubs* Coffee Automotive
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 196 5,989 1,507 7,494 6,185
Cost of sales (175) (4,038) (809) (6,873) (4,213)
---------------- -------- --------- ------------ ---------
Gross profit 21 1,951 698 621 1,972
Administrative expenses (729) (1,336) (1,239) (891) (2,065)
Other income (36) 83 20 8 47
Movement in fair
values 0 0 0 0 0
Impairment of property,
plant and equipment 0 0 (166) 0 0
Impairment of goodwill 0 (6,296) 0 (1,741) (6,296)
---------------- -------- --------- ------------ ---------
Profit/(loss) before
interest and income
tax expense (744) (5,598) (687) (2,003) (6,342)
Net finance costs (104) (281) (98) (360) (385)
Income Tax expense 88 0 0 0 88
Profit/(loss) after
income tax expense (760) (5,879) (785) (2,363) (6,639)
---------------- -------- --------- ------------ ---------
* Audited results for the prior year ended 2 July 2022 show the
results of Barkby Pubs as Continuing Operations
- Ends -
Enquiries:
Barkby Group
Charles Dickson, Executive Chairman
c/o Montfort Communications
Cavendish Capital Markets Limited (Nomad and
Broker)
Carl Holmes/Simon Hicks (Corporate Finance) +44 (0) 20 7220
Tim Redfern (ECM) 0500
-----------------
+44 (0)78 1234
Montfort Communications 5205
Olly Scott +44 (0)75 4284
Georgia Colkin 6844
-----------------
About Barkby
Barkby is a roadside real estate business focused on building
and scaling a high-quality portfolio of modern, ESG-compliant
assets.
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