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Barkby Group PLC on Monday outlined a new direction as the firm looks to hold on to its investments for longer, while also guiding for annual revenue to grow.
It said it will dispose certain non-core divisions and investments. This will see it sell all of its businesses and investments, with the exception of Barkby Pub Co.
Barkby will then invest in its real estate strategy and reduce its debt.
‘The directors believe there is an opportunity to hold completed developments rather than sell to a financial investor and to acquire further developed sites,’ it said.
‘It is anticipated that these sites will be primarily modern roadside developments with strong ESG credentials that are able to meet the increasing demand from retail outlets for drive through or out of town locations. The group is currently exploring a number of routes to maximise the opportunity from pursuing this pure-play real estate strategy and considering funding options, including both equity and debt.’
The Abingdon, England-headquartered company with businesses in real estate, consumer & hospitality and life sciences expects its revenue to rise by 29% in year ended July 2 to about £19.4 million from £15.1 million year prior.
Earnings before interest, taxes, depreciation, and amortization are guided to be £1.6 million, reversing from £2.5 million loss year before. It still expects to report net loss of £800,000, improved from the £4.4 million loss a year before.
‘Following the exceptionally challenging trading conditions brought about by the Covid-19 pandemic, the return to more normalised trading conditions has seen all of the group's divisions return to a positive trajectory and the board is now in the process of an evaluation of the group's ongoing strategy,’ Barkby added.
Core businesses in financial 2022 are guided to report revenue of £10.4 million, surging from £2.8 million year before.
Shares in Barkby closed at 12.00 pence each in London on Monday.
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