30th Dec 2022 11:12
(Alliance News) - Barkby Group PLC on Friday said its pretax loss widened in its recent financial year, and it agreed to refinance its existing GBP5.0 million debt facility.
Barkby is an Abingdon, England-based company with businesses in real estate, consumer & hospitality & life sciences.
The company reported a pretax loss of GBP9.6 million for the year that ended July 2, widening from a loss of GBP4.4 million a year before. Barkby's pretax loss from continuing operations widened to GBP5.6 million from a loss of GBP2.5 million the prior year.
Barkby's investment businesses, comprising coffee roaster Workshop Coffee, used car dealership Centurian Automotive, and Cambridge Sleep Sciences which is a manufacturer of SleepHub devices, generated a loss of GBP3.9 million during financial 2022.
Barkby is in the process of divesting these investment companies, and expects this to be complete in 2023. The company said it plans to focus on real estate and pubs going forward.
Meanwhile, revenue jumped to GBP10.3 million from GBP2.8 million, and this includes an 82% surge in revenue in Barkby's pub company to GBP6.0 million from GBP3.3 million a year before.
Looking ahead, Barkby said it plans to "significantly scale" its focused roadside commercial property business, and it is in negotiations on a number of new roadside developments and investments. The company is aiming to increase it ongoing pipeline to GBP200 million.
Barkby added that it refinanced its existing debt facility to GBP12 million from GBP5.0 million with Tarncourt Properties Ltd to provide additional liquidity headroom. The expiry date is extended to June 2024 from June 2023.
The group had cash and cash equivalents of GBP33,000 at the end of financial 2022 from GBP84,000 a year before.
Barkby's revised agreement has been changed from Tarncourt Investments LLP to Tarncourt Properties Ltd, both of which are wholly owned subsidiaries of Tarncourt Group Holdings LLP. Barkby did not say why the change took place.
Shares in Barkby were down 3.4% to 8.21 pence on Friday morning in London.
By Jaskeet Briah, Alliance News reporter
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