24th Jul 2015 07:20
LONDON (Alliance News) - Shares in vending machine company Snacktime PLC dropped on Friday morning after the company said its 2015 financial year results may take a hit from increased provisions.
Snacktime said it is still waiting to publish its results for the year to March 31, 2015 as it finalises the results with its auditors. But the company said it expects that its forecast for earnings before interest, taxation, depreciation and amortisation of GBP550,000 and its exceptional items estimate of GBP650,000 could be impacted by around GBP270,000 more in provisions the company is set to make.
Snacktime said its trading in the current financial year has been encouraging, with two significant contract wins and a strong pipeline. The group's cash position remains under pressure, however, as the group continues to be hit by exceptional items, capital expenditure and debt servicing costs.
Shares in Snacktime were down 14% to 8.00 pence in early trade, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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