25th Apr 2016 08:29
LONDON (Alliance News) - Snacktime PLC said Monday it expects to post improved earnings before interest, tax, depreciation and amortisation for its recently-ended financial year, although its revenue is expected to come in slightly lower than the year earlier.
The vending machine company said it expects consolidated revenue of GBP15.8 million for the year ended March 31, down 2.0% from the GBP15.2 million reported in the year ended March 27, 2015.
Snacktime added that the earnings before interest, tax, depreciation and amortisation in the second half is expected to come in at "no less" than the unaudited first half result of GBP400,000. For the year ended March 27, 2015, Snacktime saw a GBP1.1 million loss for earnings before interest, tax, depreciation and amortisation.
Snacktime said its secured borrowings were down by 36% to GBP2.8 million at year end, from GBP4.4 million at March 27, 2015. Snacktime said this reflected the continuing deleveraging of the balance sheet and in particular the impact of the GBP3.0 million fund raising in December 2015.
"Despite this progress working capital remains constrained," Snacktime added.
Snacktime said the vending division continued to win new contracts in the second half of its year, including tenders at Guys and St Thomas NHS Foundation Trust in London, The Shrewsbury and Telford Hospital NHS Trust and Colchester General NHS Foundation Trust.
Snacktime said it anticipates publishing its audited results by the end of September 2016.
Shares in Snacktime were up 25% at 6.85 pence on Monday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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