8th Apr 2014 10:08
LONDON (Alliance News) - SnackTime PLC Tuesday said it expects its results for its last financial year to be in line with market expectations.
In a trading update ahead of its results for the year ended March 31, SnackTime said it expects sales to be approximately GBP19.0 million, and earnings before interest, tax, depreciation and amortisation to be about GBP1.3 million.
In addition, SnackTime expects the exceptional costs related to its reorganisation, which it said is now "very nearly complete", to be about GBP400,000, in line with the estimate it gave in November.
The reorganisation is expected to result in more than GBP600,000 being saved every year.
SnackTime said it ended the year with headroom on its GBP750,000 overdraft facility of GBP320,000. Its term loan with the Co-op Bank has also been reduced by GBP470,000 to about GBP2.9 million, after a GBP290,000 loan repayment Monday.
Meanwhile, the company said the sale of Drinkmaster Ltd, its in-cup hot beverage packing business based in Cornwall, is progressing well with a number of offers received. These offers will be progressed over the next two months.
SnackTime said it expects to announce its preliminary results on September 4.
SnackTime shares were Tuesday quoted at 11.75 pence, up 1.50 pence, or 14.6%.
By Samuel Agini; [email protected]; @samuelagini
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