Birkby loss cut to pounds 4.5m for year

BIRKBY, the managed offices and van hire company which reversed into Finlan Group last month, yesterday reported a sharp reduction in losses for the year to 31 March.

The taxable deficit has fallen from pounds 15.7m to pounds 4.5m on turnover down from pounds 49.3m to pounds 19.5m. The loss per share has been cut from 7.1p to 1.3p. There is no dividend.

The results were in line with forecasts made at the time of Finlan's takeover.

The figures, which the company says bear little resemblance to its current activities, include a pounds 685,000 exceptional charge relating to a reorganisation and the write-down of unwanted assets.

The pounds 4m reverse takeover was accompanied by a refinancing and new management under Bill Cran, chief executive. Birkby specialises in converting redundant industrial buildings into units for small businesses.

However, Birkby's core activities made a taxable profit of pounds 600,000 for the year to 30 July.

Michael Woodhead, chairman, said the disposal of Finlan's trading businesses was being given priority. Further moves are expected soon.

Trading in the current year had started well, he said.

'There is a waiting list of potential licensees for the business centres. We continue to actively seek new premises to create more centres.'