29th Jun 2016 09:18
LONDON (Alliance News) - Snoozebox Holdings PLC on Wednesday reported a wider pretax loss in 2015 due to exceptional costs it booked and higher central overheads, but revenue grew on the back of a strong performance from its semi-permanent hotels.
The portable hotel company said its pretax loss in 2015 widened to GBP18.9 million from GBP5.6 million in 2014, despite revenue more than doubling to GBP5.8 million from GBP2.8 million.
Revenue grew on the back of growth in semi-permanent hotels to GBP4 million from GBP0.8 million, but profit was hit by higher central overheads and exceptional costs relating to a non-cash impairment charge recorded against the carrying value of the group's fixed assets.
Snoozebox added that trading in 2016 so far has been broadly in line with the board's expectations, with a reduction in first-half central overheads.
"Whilst we have challenges ahead of us, we are now approaching these with a clear sense of purpose. Our task is to improve the group's fortunes for the longer term, recognising that our main challenge will be securing new customers in the short to medium term," Executive Chairman Chris Errington said in a statement.
"The appointment of a small team of experienced executives is designed to address these challenges head on and improve our chances of success. Concurrently, we will continue to work with our primary lender seeking an amendment to the debt repayment terms to place the group on an improved financial footing," he added.
Shares in Snoozebox were trading down 5.9% at 0.400 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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