16th Mar 2016 08:27
LONDON (Alliance News) - Snacktime PLC said Wednesday its pretax profit narrowed in its financial year ended March 27, 2015, following extended audit work that concluded earlier this month.
Snacktime reported a pretax loss of GBP4.4 million for the financial year, from GBP8.5 million the previous year, despite revenue falling to GBP16.2 million from GBP18.8 million.
This was due to a decline in exceptional costs, which came in at GBP1.4 million for the year, from GBP7.2 million the previous year when the group had booked an impairment charge of GBP6.6 million. The impairment charge for the year to end-March 2015 was GBP448,532.
Snacktime was suspended from trading on September 17, as it had not published its accounts within six months of the year end as required by the AIM rules for companies. Snacktime said it expects, following the publication of its results on Wednesday, and the announcement of its results for the six months ended September 30, trading will resume "in due course".
Snacktime said, since March 27, 2015 it has secured two tranches of investment from Versatel Company Ltd, totaling GBP2.4 million, as well as placing and issuing further shares.
Snacktime said in February 2016, a new agreement was reached with the Co-Operative Bank to extend its GBP750,000 overdraft facility to the end of 2016. It added an agreement has been reached in respect of the secured loan facility to waive all covenant testing to the end of 2016, and fix the aggregate repayments due in the calendar year 2016 to GBP350,000.
However, auditors BDO LLP said the disclosures concerning "the company's ability to continue" in the financial statements were a "going concern", as further funds may be required to finance the company's capital requirements and "there is no guarantee that an agreement will be reached and that the current financing is adequate to cover all liabilities falling due".
By Hannah Boland; [email protected]; @Hannaheboland
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