Share Name Share Symbol Market Type Share ISIN Share Description
The Barkby Group plc NEX:BARK NEX Ordinary Share GB00BDZ7FJ04
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  +0.00p +0.00% 5.25p 4.80p 5.80p 5.25p 5.00p 5.25p 3,787 16:30:05
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Barkby Group PLC (The) Interim Results

14/03/2019 7:01am

UK Regulatory (RNS & others)


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RNS Number : 8043S

Barkby Group PLC (The)

14 March 2019

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

14 March 2019

The Barkby Group PLC

("Barkby" or the "Company")

Interim Results for the six months ended 31 December 2018

The Barkby Group PLC (NEX: BARK), is pleased to announce its unaudited interim results for the six months ended 31 December 2018. The Company has changed its financial year end to 31 May and therefore the next audited results of the Company will be for the 17-month period ending 31 May 2019, which will be published by 31 October 2019.

Enquiries:

 
                                                  +44 (0) 330 333 
The Barkby Group PLC                               8265 
Rupert Fraser, Chief Executive Officer 
Allenby Capital (NEX Exchange Corporate Adviser   +44 (0) 20 3328 
 and Broker)                                       5656 
Jeremy Porter/Asha Chotai 
                                                  +44 (0) 20 3757 
Camarco (Financial PR)                             4994 
Jennifer Renwick/Jane Glover 
 

THE BARKBY GROUP PLC

INTERIM RESULTS

CHAIRMAN'S STATEMENT

I am pleased to present the interim results for The Barkby Group PLC for the six months ended 31 December 2018. The period has seen Barkby expand its growing portfolio of assets. The George at Burpham and Centurian Automotive have both been added to the Group and more recently, we have signed an Operating Agreement with the Queens Arms which further adds to the Group's premium hospitality offering.

On 30 November 2018 the Company entered into a new ten-year leasehold agreement for The George at Burpham, a 17th century gastropub in the village of Burpham in the South Downs in West Sussex. The George offers customers excellence in food and service, showcasing the best produce with a convivial atmosphere and modern style, which fits perfectly with Barkby's proposition and is a strong addition to the Group.

This new lease represents further implementation of the Company's strategy to develop a portfolio of premium hospitality properties. The Company's hospitality portfolio now consists of a freehold and three leasehold gastropubs and inns, as well as the recently announced 8-year operating contract for the Queens Arms.

The Queens Arms is an award-winning 18th century pub, restaurant and hotel located in an area of outstanding natural beauty in Berkshire, approximately equidistant from London and the West Country. The restaurant offers an innovative and seasonal menu using local produce wherever possible and the Queens Arms' 12 bedrooms provide luxury accommodation for guests. The property also benefits from a 120-capacity function room, the Queens Lodge. Under the terms of the operating contract Barkby has taken over the day to day operations of the Queens Arms.

In February 2019, Barkby completed the acquisition of the entire share capital of Centurian Automotive Limited ("Centurian Automotive"). The initial consideration payable was approximately GBP201,000, satisfied by the issue of new ordinary shares in Barkby and deferred consideration of up to approximately GBP251,000 over three years based on performance targets, also to be satisfied by the issue of new ordinary shares in Barkby.

Centurian Automotive is an award-winning automotive dealership with a strong and fast growing online digital presence. Centurian Automotive prides itself on its best-in-class customer experience and was recently chosen by Autotrader from 13,000 motor dealers in the UK to represent the benchmark for all dealership training, marketing and master classes.

The board of Barkby believes that this acquisition is complementary to Barkby's existing high-end consumer offering and will be immediately earnings enhancing.

The next few months for Barkby will be spent consolidating the deals completed since June and presenting a strong set of year end results for May 2019, and to continue our policy of controlled expansion.

Financial

The financial results presented in this report cover the six-month period to 31 December 2018.

The period saw strong trading across the three gastropubs leased and owned for the full period: unaudited management accounts show revenues for that period amounted to GBP1,820,439, with profit before tax* and exceptional items of GBP117,120. The new controls and management systems implemented by Barkby have provided considerable improvements; food and drink margins are up, and staff turnover is considerably under the industry average, at 4.5%. A new back office system for the EPOS and room booking systems has also seen an increase in room bookings online due to the improved booking system.

The Company reports a loss from continuing operations of GBP17,881 for the period, compared to a profit from finance income of GBP309,171 for the corresponding period in 2017. The loss in the period represents the exceptional items of completing the acquisitions, entering into the lease for The George, and a staff restructure and bonuses.

The Company had cash resources of GBP36,674 at 31 December 2018, pending the grant of a mortgage over the freehold of The Plough in Kelmscott pub, and a VAT refund. The mortgage monies received at the beginning of January provide sufficient finance to cover the Company's ongoing expenditure.

We would like to thank all our shareholders for their continued support. It is an exciting time for The Barkby Group and we look forward to delivering on the Group's potential.

C G Clarke

Chairman

14 March 2019

*after amortisation, depreciation and interest

THE BARKBY GROUP PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months ended 31 December 2018

 
                                              Six months ended         Six months ended               Year ended 
                                                     31-Dec-18                31-Dec-17                31-Dec-17 
                                    Note             Unaudited                Unaudited                  Audited 
                                                           GBP                      GBP                      GBP 
 Turnover                                            1,820,439                        -                        - 
                                          --------------------  -----------------------  ----------------------- 
 
 Administrative costs 
 Other administrative expenses      1/ 2           (1,838,319)                (275,489)                (370,922) 
 Finance income                                              0                  584,660                  584,660 
                                          --------------------  -----------------------  ----------------------- 
 
 Profit/ (loss) on ordinary 
  activities before taxation                          (17,880)                  309,171                  213,738 
 
 Tax on profit/ (loss) on                                    -                        -                        - 
 ordinary activities 
                                          --------------------  -----------------------  ----------------------- 
 
 Profit/ (loss) for the financial 
  period from continuing 
  operations                                          (17,880)                  309,171                  213,738 
                                          --------------------  -----------------------  ----------------------- 
 
 Profit from discontinued                                    -                (656,140)                        - 
 operation 
                                          --------------------  -----------------------  ----------------------- 
 
 Profit/ (Loss) for the period 
  attributable to owners of the 
  parent                                              (17,880)                (346,969)                  213,738 
                                          --------------------  -----------------------  ----------------------- 
 
 Other comprehensive income 
 Revaluation of available for                                -                (144,894)                        - 
 sale investments 
                                          --------------------  -----------------------  ----------------------- 
 
 Total comprehensive income/ 
  (loss) for the period 
  attributable to owners of the 
  parent                                              (17,880)                (491,863)                  213,738 
                                          ====================  =======================  ======================= 
 
 Total comprehensive income/ 
 (loss) attributable to owners of 
 the parent arising from: 
 Continuing operations                                (17,880)                  309,171                  213,738 
 Discontinued operations                                                      (801,034) 
                                                      (17,880)                (491,863)                  213,738 
                                          ====================  =======================  ======================= 
 
 Earnings/(loss) per ordinary 
 share (pence) 
 From continuing and discontinued 
  operations: Basic and diluted      3                  (0.05)                     0.02                     0.02 
 

THE BARKBY GROUP PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2018

 
                                              As at                      As at                             As at 
                                          31-Dec-18                  30-Jun-18                         30-Dec-17 
                      Note                Unaudited                  Unaudited                           Audited 
                                                GBP                        GBP                               GBP 
 FIXED ASSETS 
 Tangible assets       4                  1,036,030                    948,329                                 - 
 Available for sale                               -                          - 
  financial assets 
 Intangible assets                          918,550                    918,550                                 - 
                            -----------------------  -------------------------  -------------------------------- 
 
                                          1,954,580                  1,866,879                                 - 
 
 CURRENT ASSETS 
 Other receivables                          435,285                    203,488                            13,529 
 Cash at bank                                36,674                    528,811                           615,108 
                            -----------------------  -------------------------  -------------------------------- 
                                            471,959                    732,299                           628,637 
 CURRENT 
 LIABILITIES 
 Trade and other 
  payables                                (709,956)                  (853,136)                          (50,857) 
                            -----------------------  -------------------------  -------------------------------- 
 
 NET CURRENT ASSETS                       1,716,584                  1,746,042                           577,780 
                            -----------------------  -------------------------  -------------------------------- 
 
 LONG TERM 
  LIABILITIES          5                  (551,701)                  (563,279)                                 - 
 
 NET ASSETS                               1,164,883                  1,182,763                           577,780 
                            =======================  =========================  ================================ 
 
 EQUITY 
 ATTRIBUTABLE 
 TO EQUITY HOLDERS 
 OF THE COMPANY 
 Share capital         6                    125,228                    125,228                         3,163,589 
 Share premium 
  account                                 6,591,878                  6,591,878                         5,563,520 
 Reconstruction 
 reserve 
 Share-based 
  payment 
  reserve                                   702,167                    702,167                           702,167 
 Capital redemption 
  reserve                                 3,077,503                  3,077,503 
 Retained earnings                      (9,331,893)                (9,314,013)                       (8,851,496) 
                            -----------------------  -------------------------  -------------------------------- 
 
 TOTAL EQUITY                             1,164,883                  1,182,763                           577,780 
                            =======================  =========================  ================================ 
 

THE BARKBY GROUP PLC

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

Six months ended 31 December 2018

 
                               Six months          Six months   Year ended 
                                       to                  to 
                                31-Dec-18           31-Dec-17    31-Dec-17 
                                Unaudited           Unaudited      Audited 
                                      GBP                 GBP          GBP 
 
 Net cashflow used in 
  operating activities          (578,434)           (247,787)    (368,998) 
 
 Finance income                         0             584,660      584,660 
                              -----------  ------------------  ----------- 
 
 Net decrease in cash 
  and cash equivalents          (578,434)             336,873      215,662 
 
 Cash and cash equivalents 
  at beginning of period          615,108             278,235      399,446 
                              -----------  ------------------  ----------- 
 
 Cash and cash equivalents 
  at end of period                 36,674             615,108      615,108 
                              ===========  ==================  =========== 
 
 

All cashflows are from continuing operations.

THE BARKBY GROUP PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Six months ended 31 December 2018

 
 
                          Share       Share        Reconstruction    Capital redemption   Share-based payment      Retained         Total 
                        capital     premium               reserve               reserve               reserve      earnings 
                            GBP         GBP                   GBP                   GBP                   GBP           GBP           GBP 
 At 30 June 2017      3,163,589   5,563,520             (586,100)                     -               696,097   (7,773,533)     1,063,573 
 
 Loss and total 
  comprehensive 
  income for six 
  months to 31 
  December 2017               -           -                     -                     -                     -   (1,077,963)   (1,077,963) 
 
 Reconstruction 
  movement                    -           -               586,100                     -                     -             -       586,100 
 
 Share-based 
  payment expense             -           -                     -                     -                 6,070             -         6,070 
                   ------------  ----------  --------------------  --------------------  --------------------  ------------  ------------ 
 
 At 31 December 
  2017                3,163,589   5,563,520                     -                     -               702,167   (8,851,496)       577,780 
 
 Total 
  comprehensive 
  income for six 
  months ended 30 
  June 2018                   -           -                     -                     -                     -       309,171       309,171 
 
 Re structure of 
  Equity after 
  purchase of 
  asset             (3,038,361)   1,028,358                     -             3,077,503                     -     (771,688)       295,812 
                   ------------  ----------  --------------------  --------------------  --------------------  ------------  ------------ 
 
 At 30 June 2018        125,228   6,591,878                     -             3,077,503               702,167   (9,314,013)     1,182,763 
 
 Total 
  comprehensive 
  income for six 
  months ended 31 
  December 2018               -           -                     -                     -                     -      (17,880)      (17,880) 
 
 At 31 December 
  2018                  125,228   6,591,878                     -             3,077,503               702,167   (9,331,893)     1,164,883 
                   ============  ==========  ====================  ====================  ====================  ============  ============ 
 
 

THE BARKBY GROUP PLC

Notes to the interim consolidated financial information

Six months ended 31 December 2018

   1.    GENERAL 

These unaudited consolidated interim financial statements are for the six months ended 31 December 2018. 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 31 December 2017, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU"). A number of new standards, amendments to existing standards and interpretations were effective from 1 January 2017.

The statutory accounts for the year ended 31 December 2017 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.

The Directors are satisfied that the Company 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 Company has sufficient funds to meet their ongoing working capital and committed capital expenditure requirements

The interim financial information is unaudited, but has been reviewed by the Company's auditor. The Company's operations are not subject to seasonality or cyclicality. No dividend has been declared or paid in this interim period.

   2.    ACCOUNTING POLICIES 

The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the 2017 annual financial statements and are expected to be used for the 31 December 2018 annual financial statements.

   3.            LOSS/EARNINGS PER SHARE 
 
                                              Six months          Six months                Year ended 
                                                      to                  to 
                                               31-Dec-18           31-Dec-17                 31-Dec-17 
                                               Unaudited           Unaudited                   Audited 
 
 
 Weighted average number 
  of ordinary shares in 
  issue                                       37,947,751         860,858,859               860,858,859 
 Dilutive potential ordinary 
  shares                                               -         150,000,000               150,000,000 
                                 -----------------------  ------------------  ------------------------ 
                                              37,947,751       1,010,858,859             1,010,858,859 
 
 Profit/(loss) after taxation 
  (GBP) 
 From continuing operations                     (17,880)             213,738                   213,738 
 From discontinued operations                          -                   0                         - 
                                                (17,880)             213,738                   213,738 
                                 =======================  ==================  ======================== 
 
 Basic earnings/(loss) 
  Per Share (pence) 
 From continuing operations                       (0.05)                0.02                      0.02 
 
   4.         FIXED ASSETS 
 
                                          Six months                 Six months                 Year ended 
                                                  to                      ended 
                                           31-Dec-18                  31-Dec-17                  31-Dec-17 
                                           Unaudited                    Audited                    Audited 
 Tangible Assets                                 GBP                        GBP                        GBP 
 The Plough- Freehold                      671,866                            -                          - 
 Fixtures & Fittings                       206,731                            -                          - 
 Computer Equipment                           48,879                          -                          - 
 Kitchen Equipment                         108,554                            -                          - 
-----------------------------    -------------------    -----------------------    ----------------------- 
 
 Total tangible assets                  1,036,030                             -                          - 
 
 Intangible Assets 
 Available for sale financial 
  assets 
 Investment in subsidiary                  918,550                            -                          - 
-----------------------------    -------------------    -----------------------    ----------------------- 
 
 Total Fixed Assets                     1,954,580                             -                          - 
 
 
   5.           LONG TERM LIABILITIES 
 
                                              Six months               Six months               Year ended 
                                                      to                    ended 
                                               31-Dec-18                31-Dec-17                31-Dec-17 
                                               Unaudited                  Audited                  Audited 
                                                     GBP                      GBP                      GBP 
 
 Long Term Liabilities 
 Directors loans- Seb                           (25,076) 
  & Lana Snow                                                                   -                        - 
 Kitchen equipment 
  leases                                     16,777                             -                        - 
 Contingent investment                    560,000                               -                        - 
                                ------------------------  -----------------------  ----------------------- 
 
 Total Long Term Liabilities              551,701                               -                        - 
 
                                                       0 
 
   6.            SHARE CAPITAL 

Issued and fully paid:

 
                                                     2018                  2017            2018             2017 
                                            No. of shares         No. of shares             GBP              GBP 
 
       Ordinary shares of GBP0.0001 
        each                                   37,947,751           860,859,050         125,228        3,163,589 
                                       ==================    ==================   =============   ============== 
 
   7.            COPIES OF INTERIM REPORT 

Copies of the interim report are available to the public from the Company at Lakeside Fountain Lane, St Mellons, Cardiff, United Kingdom, CF3 0FB during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.barkbygroup.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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