RNS Number : 8573U
Barkby Group PLC
31 March 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")

 

 

Interim results

 

 

Barkby announces its unaudited interim results for the 26 weeks ended 31 December 2022.

 

Charles Dickson, Executive Chairman, commented:

"We have had a productive first half as we implement our plan to refocus the business on Roadside assets. Our development pipeline is progressing well and attracting high-quality nationwide tenants, underpinning reliable, long term income streams.

 

"At the same time, we have been active in sourcing a pipeline of attractive assets to fulfil our objective of creating a portfolio of modern, ESG compliant Roadside real estate investments. These efforts have been aided by the downward pressure on real estate valuations, expanding the array of exciting opportunities open to us.

 

"In the pub business, we have emerged from a challenging trading environment with a solid and robust business. We are now focused on managing the tight supply of experienced staff and enhancing the guest experience as we move into the busier spring and summer months.

 

"We continue to explore funding options to implement our strategy whilst managing our existing development activities and look ahead with optimism."

 

 

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 our commercial schemes at Wellingborough and Maldon.

·      Wellingborough is scheduled to complete construction in April 2023 and it is our intention to hold the development on our balance sheet as an investment as we grow a high-quality commercial property portfolio. The total contracted rent will be £238,000 per annum with contracted tenants including Greggs Plc, Formula One Autocentres Ltd, City Plumbing Supplies Holdings Ltd and C. Brewers & Sons Ltd.

·      Maldon is scheduled to complete construction by the end of May 2023. It is also our intention to hold this development on our balance sheet. The total expected rent will be £280,000 per annum with contracted tenants including Costa Coffee Ltd, Formula One Autocentres Ltd and Toolstation Ltd with the remaining unit under offer.

·      A revised planning application has been submitted for a 27,000 sq.ft. scheme at Swindon and we expect a decision imminently. The scheme will be anchored by a national Drive Thru operator with a trade and industrial occupiers taking the remainder of the site.

·      Given downward valuation pressure in the commercial property market over the last six months we are seeing high quality assets at attractive valuations becoming available with a lot less competition to acquire.

·      Our pipeline of prospective investment and development Roadside assets is now in excess at £100m and we continue to work towards bringing these assets onto our balance sheet.

 

Barkby Pubs

·      During the period we added the tenancy of The Eliot Arms, bringing the estate to nine pubs with 75 bedrooms.

·      Total revenue remained robust, increasing to £3.4m in the period (Dec 2021: £3.2m). Like-for-like revenue declined by 6% in comparison to the same period in 2021.

·      Labour shortages and increasing pay demands resulted in a 63% increase in operational labour costs, with direct labour increasing by £0.7m.

·      Overall, Barkby Pubs made an EBITDA loss of £0.3m (Dec 2021: EBITDA profit of £0.5m).

·      Improving labour management is currently our main operational focus in preparation for the traditionally busy spring and summer seasons.

·      Majority of our energy contracts were fixed in December 2020 until December 2023, providing protection from the energy cost pressures facing the industry.

 

Barkby Investments

·      Following our announcement in July 2022 to sell our non-core businesses, we provide the following update:

Workshop Coffee - we are in active talks with the Management team around an externally backed MBO and will update shareholders in due course.

Centurian Automotive ("Centurian") - the existing management team has assumed the trade of Centurian, with the business having been transferred to the existing management for nil overall consideration.

Cambridge Sleep Sciences ("CSS") - CSS is close to signing a non-exclusive global licensing deal with a multinational household consumer electronics brand. The Board believes that completion of these licensing opportunities will have a material impact on the potential valuation of the CSS business.

 

 

FINANCIAL HIGHLIGHTS

 

·      Results from continuing operations for the 26 weeks to 31 December 2022 was revenue of £3.4m (26 weeks to 30 December 2021: £3.3m), an EBITDA loss of £1.2m (2021: £1.0m profit) and a net loss of £2.0m (2021: £0.4m profit).

·      The loss for the period from discontinued operations, which includes Workshop Coffee, Cambridge Sleep Sciences and Centurian Automotive was £0.7m (2021: £1.1m).

·      Net cash available including undrawn facilities was £5.0m as at 31 March 2023.

 

 

OUTLOOK AND CURRENT TRADING

 

·      Focused on scaling our Roadside pipeline; we are in negotiations on a number of new Roadside developments and investments.

·      In the process of exploring potential financing solutions to deliver this pipeline.

·      Pub trade remains resilient as we focus on improving profitability.

·      Improved liquidity following the increase in the Tarncourt facility from £5m to £12m in December 2022.

 

- Ends -

 

Enquiries:

 

Barkby Group

Charles Dickson, Executive Chairman

Douglas Benzie, Chief Financial Officer

 

c/o Montfort Communications

 

finnCap Ltd (Nomad and Broker)

Carl Holmes/Simon Hicks (corporate finance)

Tim Redfern (ECM)

 

+44 (0) 20 7220 0500

Montfort Communications

Olly Scott

Georgia Colkin

 

 

+44 (0)78 1234 5205

+44 (0)75 4284 6844

 

 

Notes to editors

Barkby Group PLC is focused on commercial property development and investment, alongside its pubs business. Barkby is in the process of disposing of its Investments (comprising of Workshop Coffee, Centurian Automotive and Cambridge Sleep Sciences).

 

 

CHAIRMAN'S STATEMENT

 

I am pleased to announce the interim results for Barkby Group PLC for the period ended 31 December 2022.

 

Over the last six months our primary focus has been to progress our property development pipeline and dispose of our non-core businesses.

 

Having weathered input cost inflation, we are now focused on returning our pub business to profitability.

 

Liquidity

As of 31 March 2023, the Group has net cash available of c.£5.0m including a working capital facility provided by Tarncourt, a related party vehicle controlled by the Dickson family.

 

Future strategy

In the July 2022 update, the Board announced it had determined to focus on roadside property development and investment and to dispose of Workshop Coffee, Cambridge Sleep Sciences and Centurian Automotive.

 

In recent months, we have met a number of prospective institutional investors and have received positive feedback around scaling our Roadside property investment and development business and continue to explore doing so.

 

The Group continues to look at several routes to maximise the opportunity this pureplay real estate strategy presents and is considering funding options, including both equity and debt to take advantage of the pipeline of opportunities highlighted above.

 

We are also reviewing the most tax efficient way of holding a high-quality, substantial portfolio of modern, ESG compliant Roadside real estate investments, including becoming a REIT and further strengthening the Board as implement our roadside strategy. 

 

Charles Dickson

Executive Chairman

31 March 2023

 

 

 

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

26 weeks ended 31 December 2022

 



26 Weeks ended
31-Dec-22

Unaudited


26 Weeks ended
30-Dec-21

Unaudited


Year ended
2-Jul-22

Audited


Note

£'000

£'000

£'000

Continuing Operations

 






Revenue


3,396


3,269


10,298








Cost of sales


(2,441)


(2,108)


(5,846)








Gross profit


955


1,161


4,452








Administration expenses


(2,464)


(1,715)


(4,182)

Other operating income


98


1


83

Movement in fair values


0


1,250


1,250








(Loss)/profit from continuing operations before impairment of goodwill


(1,411)


697


1,603








Impairment of goodwill


0


0


(6,296)








Loss from continuing operations


(1,411)


697


(4,693)








Finance income


0


0


55

Finance expense


(630)


(324)


(989)

 







Loss from continuing operations before tax


(2,041)


373


(5,627)








Income tax credit


0


0


21








Loss for the period from continuing operations


(2,041)


373


(5,606)








Discontinued operations

 






Loss for the period from discontinued operations


(724)


(1,087)


(3,908)

Loss and total comprehensive income for the period


(2,765)


(714)


(9,514)








Loss for the period is attributable to:

 






Non-controlling interests included in discontinued operations


(63)


(60)


(190)

Owners of Barkby Group Plc


(2,702)


(654)


(9,324)



(2,765)


(714)


(9,514)

 

The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

 

 

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2022

 



As at

31-Dec-22

Unaudited

As at

30-Dec-21

Unaudited

As at

2-Jul-22

Audited


 

£'000

£'000

£'000

Non-current assets

 




Property, plant and equipment


2,615

1,248

2,454

Right-of-use assets


3,105

3,370

2,539

Intangible assets


0

8,444

31

Investments


0

2,542

0

Investment property


7,635

4,652

4,652

Non-current assets


86

83

83



13,441

20,339

9,759

Current assets

 




Inventory


1,437

5,004

1,883

Trade and other receivables


64

289

648

Contract assets


85

0

13

Other current assets


69

113

39

Prepayments


311

248

262

Cash and cash equivalents


704

94

33



2,670

5,748

2,878

Assets of disposal groups held for sale


4,225

0

5,060

Total current assets

 

6,895

5,748

7,938






Total assets

 

20,336

26,087

17,697






Current liabilities

 




Trade and other payables


(1,722)

(2,061)

(2,136)

Other current liabilities


(4,852)

(4,493)

(5,350)

Current Borrowings


(3,934)

(10,940)

(4,016)

Current Lease liabilities


(550)

(655)

(491)

Income tax payable


0

(4)

0



(11,058)

(18,153)

(11,993)

Liabilities of disposal groups held for sale


(6,210)

0

(7,077)

Total current liabilities

 

(17,268)

(18,153)

(19,070)






Non-current liabilities

 




Non-current borrowings


(10,402)

(4,489)

(3,708)

Provisions


(48)

(48)

(48)

Non-current Lease liabilities


(3,083)

(3,288)

(2,571)



(13,533)

(7,825)

(6,327)






Total liabilities

 

(30,801)

(25,978)

(25,397)






Net assets/(liabilities)

 

(10,465)

109

(7,700)






Equity

 




Share capital


1,233

1,179

1,233

Share premium


5,430

4,493

5,430

Merger reserve


(422)

(422)

(422)

Fair value reserve


1,250

1,250

1,250

Profit and loss reserve


(14,655)

(5,409)

(5,141)

Loss for the period


(2,702)

(714)

(9,514)

Non-controlling interest


(599)

(268)

(536)

Reverse takeover reserve







(10,465)

109

(7,700)

 

 

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

26 weeks ended 31 December 2022

 



26 weeks ended

31-Dec-22

Unaudited


26 weeks ended

30-Dec-21

Unaudited


Year
ended

02-Jul-22

Audited



£'000s


£'000s


£'000

Cash flows from operating activities







Loss before tax from continuing operations


(2,041)


373


(5,627)

Loss before tax from discontinued operations


(724)


(1,087)


(3,991)

Loss before tax


(2,765)


(714)


(9,618)

Adjustments to reconcile loss before tax to net cash flows


 





Depreciation of property, plant and equipment and right-of-use assets


307


405


789

Amortisation of intangible assets


31


82


169

Impairment of goodwill


0


0


8,037

Loss on disposal of property, plant and equipment


0


166


166

Fair value movement in investment property


0


(1,250)


(1,250)

Net finance expense


630


581


1,496

Movement in working capital


(610)


1,409


4,159

Net interest paid


(630)


(254)


(459)

Income tax paid


0


(21)


(25)

Disposal group cash flow


773


0


0

Net cash flow from operating activities


(2,264)


404


3,464

Cash flows from investing activities


 





Disposal of investments


0


0


1,920

Purchase of investment property


(2,983)


(3,402


(3,402)

Purchase of property, plant and equipment


(283)


(94


(1628)

Purchase of intangible assets


0


(23


(38)

Net cash used in investing activities


(3266)


(3519)


(3148)

Cash flows from financing activities


 





Proceeds from issue of shares


0


0


100

Proceeds from borrowings


7,159


7,970


9,424

Repayment of borrowings


(547)


(4,982)


(9,666)

Repayment of lease liabilities


(266)


(257)


(581)

Net cash raised/-used in financing activities


6,346


2,731


(723)

Net increase/(decrease) in cash and cash equivalents


816


(384)


(407)

Cash and cash equivalents at beginning of period


(628)


(221)


(221)

Cash and cash equivalents at end of period


188


(605)


(628)








Cash and cash equivalents of continuing operations at the end of the period


150


(605)


(617)

Cash and cash equivalents of discontinued operations at the end of the period


38


0


(11)

 

 

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

26 weeks ended 31 December 2022

 


Share capital

Share premium

Merger reserve

Fair value reserve

Profit and loss reserve

Non-controlling interest

Total Equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 July 2021

1,179

4,493

(422)

0

(4,219)

(208)

823

 








Loss after income tax and total comprehensive income for the period

0

0

0

0

(654)

(60)

(714)

Fair value gains

0

0

0

1,250

(1,250)

0

0









At 30 December 2021

1,179

4,493

(422)

1,250

(6,123)

(268)

109

 








Loss after income tax and total comprehensive income for the period





(8,670)

(130)

(8,800)

Transactions with owners in their capacity as owners:

 







Shares issued to settle deferred and contingent consideration

18

283

0

0

0

0

301

Shares issued to settle liabilities

9

148

0

0

0

0

157

Restricted shares issued

7

126

0

0

0

0

133

Increase in non-controlling interest

0

0

0

0

138

(138)

0

Shares issued for cash proceeds

5

95

0

0

0

0

100

Shares issued to cancel interest and debt

15

285

0

0

0

0

300









At 2 July 2022

1,233

5,430

(422)

1,250

(14,655)

(536)

(7,700)

 








Loss after income tax and total comprehensive income for the period

0

0

0

0

(2,702)

(63)

(2,765)









At 31 December 2022

1,233

5,430

(422)

1,250

(17,357)

(599)

(10,465)

 

The above statement of changes in equity should be read in conjunction with the accompanying notes.

 

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

26 weeks ended 31 December 2022

 

1.   GENERAL

These unaudited consolidated interim financial statements are for the 26 weeks ended 31 December 2022 (3 July 2022 to 31 December 2022). They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 2 July 2022 (2 July 2021 to 2 July 2022), which were prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006.

 

The statutory accounts for the year ended 2 July 2022 have been filed with the Registrar of Companies. Those accounts have received an unqualified audit report and did not contain statements or matters to which the auditors drew attention under the Act.

 

 

2.   ACCOUNTING POLICIES

The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the financial statements for the year ended 2 July 2022 and are expected to be used for the financial statements for the year (52 week period) ending 1 July 2023.

 

Going Concern and Liquidity

Barkby is in the process of a strategic restructuring, which will result in its focus being solely on the opportunities that it believes are the most cash generative in the long term, Real Estate and Barkby Pubs. This significantly reduces the cash investment previously required by the early-stage growth business Cambridge Sleep Sciences, and the cash outflows of Centurian Automotive and Workshop Coffee. Accordingly, Cambridge Sleep Sciences, Centurian Automotive and Workshop Coffee have been presented as discontinued operations.

 

Cash headroom has been increased by refinancing the £5 million Tarncourt facility into a new £12 million facility with an extended expiry date of 30 June 2024. The Group currently has net cash available of c.£5 million, including the Tarncourt facility, as of 31 March 2023. In addition, the Board have taken the steps of consulting with their major shareholders regarding a potential equity raise and our major shareholders have confirmed their continued support should this become necessary.

 

Going forward, it is our intention to retain our property developments. This will strengthen the Group's balance sheet with high quality investment property assets and provide a reliable and recurring cash flow going forward. This also gives Barkby the opportunity to sell these assets to generate positive cash flow if required.

 

Despite significant progress being made, the disposal of the discontinued operations has not yet completed, therefore the board has prepared a profitability and cash flow forecast to 31 March 2023 that includes all Group companies and reflects a severe but plausible downturn scenario. We expect all discontinued operations to be fully disposed of by the end of the current financial year.

 

The Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these interim financial statements have been prepared on a going concern basis as the Directors are of the opinion that the Group has sufficient funds to meet its ongoing working capital and committed capital expenditure requirements.  As stated, it is the group's intention to retain its commercial developments, but cash can be generated by selling its commercial developments if required. A detailed disclosure outlining going concern considerations was provided in the statutory accounts for the year ended 2 July 2022. The Directors performed a going concern review and have concluded that no matters have arisen since that date to change the conclusion of the review.

 

The interim financial information is unaudited, no dividend has been declared or paid in this interim period.

 

Discontinued operations

The Group classifies disposal group as held for sale if their carrying values will be recovered principally through a sale transaction rather than through their continuing use. Disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of a disposal group, excluding finance costs and income tax expense.

 

The criteria for classifying a disposal group as held for sale is regarded as having been met only when a sale is highly probable and the disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be reversed. Management must be committed to the plan to sell the asset and the sale is expected to be completed within one year from the date of classification.

 

A disposal group qualifies as discontinued operations of it is a component of an entity that either has been disposed of, or is classified as held for sale and:

·      Represents a separate major line of business

·      Is part of a single coordinated plan to dispose of a separate major line of business.

 

Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss and comprehensive income. All other notes to the financial statements include amounts for continuing operations unless otherwise stated.

 

Following decisions of the Board in June 2022, the Group issued a Trading and Strategy update announcing that the Board had resolved to sell the Workshop Coffee, Cambridge Sleep Sciences and Centurian Automotive businesses. The Group has therefore committed to a plan to sell these businesses, which are available for immediate sale and programs to locate buyers for each business have been initiated. The directors expect to sell the businesses within the current financial year ending 1 July 2023.

 

As a result of this announcement the financial results of the businesses being disposed of are presented as discontinued operations in the statement of profit or loss and total comprehensive income, with their assets and liabilities being presented as assets of disposal groups held for sale and liabilities of disposal groups held for sale in the consolidated statement of financial position.

 

The comparative information in the statement of profit or loss and total comprehensive income has been re-presented to show these businesses as discontinued for the period ended 30 December 2021.

 

 

3.   LOSS PER SHARE

 



31-Dec-22

Unaudited


30-Dec-21

Unaudited


02-Jul-22

Audited



£'000s


£'000s


£'000s

Profit/(loss) after tax from continuing operations


(2,041)


373


(5,606)

Loss after tax from discontinued operations


(724)


(1,087)


(3,908)

Total loss after income tax

 

(2,765)


(714)


(9,514)








Non-controlling interest (discontinued operations)


63


60


190

Loss after income tax from continuing operations attributable to the owners of Barkby Group PLC


(2,041)


373


(5,606)

Loss after income tax from discontinued operations attributable to the owners of Barkby Group PLC


(661)


(1,027)


(3,718)

Total loss after income tax attributable to the owners of Barkby Group Plc

 

(2,702)


(654)


(9,324)










pence


pence


pence

Basic loss per share from continuing operations


(1.42)


0.27


(4.02)

Basic loss per share from discontinued operations


(0.46)


(0.75)


(2.68)



(1.89)


(0.48)


(6.70)








Weighted average number of shares

 

Number

 

Number

 

Number

Weighted average number of ordinary shares used in calculating basic earnings per share


143,261,138


136,187,437


139,525,311

 

 

4.   PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment

 

Land and buildings

Leasehold improvements

Plant and equipment

Computer equipment

Fixtures and fittings

Total



£'000s

£'000s

£'000s

£'000s

£'000s

£'000s

Net book value








At 3 July 2022


1,817

92

174

53

318

2,454

Additions


88

5

126

18

45

282

Disposals


0

0

0

0

0

0

Depreciation charge


(16)

(6)

(32)

(4)

(63)

(121)

At 31 December 2022

 

1,889

91

268

67

300

2,615

 

Land and buildings includes £700,000 of freehold land. Freehold land is not depreciated.

 

 

5.   INTANGIBLE ASSETS

 

Intangible assets

 

Computer software



£'000s

Net book value



At 3 July 2022


31

Additions


0

Amortisation charge


(31)

At 31 December 2022

 

0




 

 

6.   RIGHT-OF-USE ASSETS

 

Right-of-use assets

 

Pubs



£'000s

Net book value



At 3 July 2022


2,539

Additions and renewals


752

Depreciation charge


(186)

At 31 December 2022

 

3,105

 

In October 2022, the Group entered into a new 15 year lease for The Eliot Arms pub in South Cerney. The resultant right-of-use asset was recognised at £752,000, with a lease liability of £752,000 also being recognised.

 

 

7.   CASH AND CASH EQUIVALENTS

 



31-Dec-22

Unaudited


30-Dec-21

Unaudited


02-Jul-22

Audited



£'000s


£'000s


£'000s

Cash at bank


623


0


2

Cash in transit


78


10


28

Petty cash


3


3


3



704


13


33



 





Reconciliation to cash and cash equivalents at the end of the financial period







The above figures are reconciled to cash and cash equivalents at the end of the period as shown in the statement of cash flows as follows:







Balances as above


704


13


33

Bank overdraft


(554)


(728)


(650)

Balance of cash and cash equivalents per statement of cash flows


150


(715)


(617)

 

 

8.   LEASE LIABILITIES

 


Balance at

03-Jul-22

New leases and renewals

Repayments

Interest charge

Balance at

31-Dec-22


£'000s

£'000s

£'000s

£'000s

£'000s

Pub Leases

3,062

752

(266)

85

3,633







Reported as






Current lease liabilities

491




550

Non-current lease liabilities

2,571




3,083

Total lease liabilities

3,062




3,633

 

As described in note 6. Right-of-use assets, the Group entered into a new lease for The Eliot Arms, South Cerney in October 2022. The lease liability recognised at commencement of the lease was £752,000.

 

 

9.   BORROWINGS

 

 


Balance at

03-Jul-22

Proceeds of borrowings

Repayments

Balance at

31-Dec-22



£'000s

£'000s

£'000s

£'000s

Bank overdrafts


650

0

(96)

554

Bank loans


980

0

(148)

832

Other loans


3,002

3,428

(303)

6,127

Loans from related parties


3,092

3,731

0

6,823

Total borrowings


7,724

7,159

(547)

14,336

Reported as






Current liabilities


4,016



3,934

Non-current liabilities


3,708



10,402

Total borrowings


7,724



14,336

 

10.  SHARE CAPITAL

 

Issued and fully paid:


31-Dec-22

2-Jul-22

31-Dec-22

2-Jul-22


No. of shares

No. of shares

£'000s

£'000s






Ordinary shares of £0.00860675675675676 each

143,261,138

143,261,138

1,233

1,233

 

11.  OPERATING SEGMENTS

 

31-Dec-22

 






26 Weeks

 

Real Estate

 

Barkby Pubs

 

Total

Unaudited

 

£'000

 

£'000

 

£'000




 

 



Revenue


0


3,396


3,396

Cost of sales


0

 

(2,441)


(2,441)

Gross profit

 

0


955


955




 




Administrative expenses


(33)


(2,433)


(2,466)

Other income


98

 

0


98

Movement in fair values


0


0


0

Impairment of goodwill


0

 

0


0

Profit/(loss) before interest and income tax expense

 

65

 

(1,478)


(1,413)

 

 






Net finance costs


(459)


(169)


(628)

Income Tax expense


0

 

0


0

Profit/(loss) after income tax expense


(394)


(1,647)


(2,041)




 




Included within administrative expenses:

 






Group costs




845



Depreciation and amortisation




338



Earnings/(loss ) before interest, tax, depreciation and amortisation, excluding group costs and goodwill impairment

 


 

(295)

 









30-Dec-21

 






26 Weeks

 

Real Estate

 

Barkby Pubs

 

Total

Unaudited

 

£'000

 

£'000

 

£'000




 

 



Revenue


50


3,219


3,269

Cost of sales


(27)

 

(2,081)


(2,108)

Gross profit

 

23


1,138


1,161




 




Administrative expenses


(124)


(1,591)


(1,715)

Other income


0

 

1


1

Movement in fair values


1,250


0


1,250

Impairment of goodwill


0

 

0


0

Profit/(loss) before interest and income tax expense

 

1,149

 

(452)


697

 

 






Net finance costs


(219)


(105)


(324)

Income Tax expense


0

 

0


0

Profit/(loss) after income tax expense


930


(557)


373




 




Included within administrative expenses:

 






Group costs




704



Depreciation and amortisation




276



Earnings before interest, tax, depreciation and amortisation, excluding group costs and goodwill impairment

 

 

 

528

 

 

 



 

 






 

 



02-Jul-22

 






52 Weeks

 

Real Estate

 

Barkby Pubs

 

Total

Audited

 

£'000

 

£'000

 

£'000




 

 



Revenue


4,309


5,989


10,298

Cost of sales


(1,808)

 

(4,038)


(5,846)

Gross profit

 

2,501


1,951


4,452




 




Administrative expenses


(268)


(3,914)


(4,182)

Other income


0

 

83


83

Movement in fair values


1,250


0


1,250

Impairment of goodwill


0

 

(6,296)


(6,296)

Profit/(loss) before interest and income tax expense

 

3,483

 

(8,176)


(4,693)

 

 






Net finance costs


(653)


(281)


(934)

Income Tax expense


21

 

0


21

Profit/(loss) after income tax expense


2,851


(8,457)


(5,606)




 




Included within administrative expenses:

 






Group costs




2,033



Depreciation and amortisation




545



Earnings/(loss ) before interest, tax, depreciation and amortisation, excluding group costs and goodwill impairment

 

 

 

698

 

 

 

 

12.  COPIES OF INTERIM REPORT

Copies of the interim report are available to the public from the Company at 115B Innovation Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RZ and are available on the website at www.barkbygroup.com.

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