8th Apr 2015 08:04
LONDON (Alliance News) - Snoozebox Holdings PLC Wednesday posted a narrower pretax loss for 2014, as lower costs helped to offset a decline in revenue, and said that progress it made during 2014 provides it with a platform to build a "successful and growing business."
Snoozebox provides portable hotel and accommodation services.
The company posted a pretax loss of GBP5.6 million, compared to a pretax loss of GBP9.4 million in 2013, as exceptional costs in the previous year did not recur, and operating costs were reduced, which helped offset a drop in revenue to GBP2.8 million from GBP6.7 million.
In the previous year the company had posted GBP3.3 million in exceptional costs, consisting of GBP404,000 in costs related to cutting its headcount, and write-downs on fixed assets of GBP2.9 million.
Revenue in the previous year was boosted by the deployment of accommodation at the G8 Summit in Northern Ireland, and excluding this deployment revenue rose to GBP2.8 million from GBP2.2 million.
Snoozebox said it had reduced overheads during the year and improved its Events division, whilst securing GBP26 million in additional funding during the year, and investing the development of its new Snoozebox hotel.
The company said that there were some aspects of the internal design of the new hotel that needed to be refined during the prototyping stage, and whilst it would have ideally had more new rooms built and operational earlier, the majority of the 150 new rooms will become available in the second half of 2015.
Snoozebox said its primary focus in 2015 will be the deployment of its remaining room stock on longer term, semi-permanent contracts, and the roll-out of the first tranche of 150 new rooms. It will expand its event programme in the UK, and accelerate its entry into Europe.
"I believe that the substantial progress made in the underlying operating model provides a platform on which to build a successful and growing business, backed by strong and growing customer demand for our unique brand and innovative offering," said Chief Executive Lorcán Ó Murchú in a statement.
Shares in Snoozebox are trading down 1.6% at 7.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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