Roadside Real Estate shares gain ground as it reports interim results
Shares in Roadside Real Estate PLC accelerated on Thursday as the group, previously called Barkby Group, issued interim results for the six months to end-March this year.
The Abingdon-based company is continuing to focus on its roadside real estate strategy through its joint venture with New York and London-based Meadow Partners LLP whilst executing its disposal (sale) strategy.
READ MORE: Barkby Group unveils plans for portfolio of roadside assets worth £250M via joint venture
As reported last year, the venture is focused on acquiring sites where it can offer consumers a mix of Drive Thru, Foodvenience, Local Logistics and Trade Counter businesses alongside opportunities to increase electric vehicle (EV) charging facilities.
"Having refinanced the business we are now actively pursuing the assembly of our institutional quality roadside real estate portfolio, with c.£100 million imminent pipeline via the above mentioned JV," said Charles Dickson, executive chairman in the stock market statement.
"We have a quality roster of prospective tenants keen to occupy our planned acquisition sites, which will feature a combination of Drive-Thru, Foodvenience, Local Logistics, Trade Counters and Electric Vehicle charging stations.
"By the end of the 2024 calendar year, we expect to have deployed much of the £100 million capital allocation agreed with Meadow, subject to diligence and commercial negotiation, increasing the company's management and development fee earnings, whilst noting that there is no certainty as to the total quantum and timing of deployment."
Dickson noted that the group's two wholly-owned sites in Wellingborough and Maldon were now fully let and three JV acquisitions had been completedduring the first half of the current financial year.
These are in Stoke, (£5.3 million) Gosport, (£2.8 million) and Coventry, (£3.3 million).
"The assets were acquired in line with the agreed JV funding split whereby Meadow own and fund 97% of the JV while Roadside own and fund 3%. We look forward to sharing further updates as we move ahead," said Dickson.
For the six months to March 31, the unaudited net profit from continuing operations came in at £3.38 million, compared to a loss of £7.82 million for the 15 months to September 30 last year.
As at March 31, the group has net cash available of £1.6 million, including a working capital facility provided by Tarncourt, a related party vehicle controlled by the Dickson family.
Post-period end, following the receipt of funding from the Cambridge Sleep Sciences (CSS) stake sale, and the refinancing of certain loans, it has £7 million of available cash resources and funding lines as at June 26 this year.
In London yesterday, comapny shares added nearly 6 per cent.
