Barkby Group’s stock went down because the group reported that in the year 2023, they lost less money, but they made less money too. They’re doing this because they want to focus more on real estate by the roadside.
At 7:03 in the morning, the shares were 0.75 pence lower, which is a 10% drop, and they were valued at 6.5 pence. This London-based hospitality group said they lost £2.1 million ($2.6 million) in the year ending on June 30th. This is less than the £5.6 million they lost in 2022. Their revenue also dropped from £10.3 million to just £30,000.
The group used to make a profit of £1.6 million, but now they have a loss of £1.27 million. They are selling off their businesses that are not about real estate and looking into selling Barkby Pubs. They mentioned that since the start of 2023, they’ve been working on creating new real estate projects by the roadside. These projects include things like drive-thrus, shops, delivery hubs, food places, electric car charging spots, and light industrial spaces. The company is also looking for ways to get money to make their plans happen.
Barkby has decided to change the date they use for their accounting to September 30th.
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