22nd Mar 2016 16:05
LONDON (Alliance News) - SnackTime PLC Tuesday said its shares will resume trading on AIM from Wednesday morning after the company published its financial results last week.
The company, which operates hot drink and snack vending machines, had its shares suspended on September 17, 2015, after it was unable to publish its financial accounts due to issues regarding the reconstruction of its balance sheet debt.
Last Wednesday, SnackTime published its results for the six months to the end of September, revealing it made a pretax loss of GBP709,832 compared to the GBP781,923 loss booked in the same period a year earlier, despite revenue falling to GBP7.9 million from GBP8.5 million.
When those results were published last week, 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".
On Tuesday, SnackTime said it had implemented actions in response to the auditor's comments and concerns.
SnackTime said it has recruited an additional accountant to strengthen its accounting resources, moved all of its London-based financial accounting to Blackburn to join the company's "central accounting hub," established specialist treasury and revenue assurance teams in London to ensure the company has an appropriate control and risk management environment and simplified the group's legal structure to improve transparency.
Shares will resume trading on AIM from 0730GMT Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.