Interim Results

SNOOZEBOX HOLDINGS PLC

INTERIM REPORT 2013

for the six months ended 30 June

SNOOZEBOX, THE UK LEADER IN PORTABLE ACCOMMODATION, IS PLEASED TO ANNOUNCE ITS INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

HIGHLIGHTS

OPERATIONAL HIGHLIGHTS

› Appointment of a new management team and establishment of an executive committee to manage the business, led by the Chairman

› Strengthening of financial controls and implementation of new processes to enable effective planning and appraisal of new opportunities

› Review of sales and marketing strategy to drive occupancy

› 2013 programme successfully deployed

› Continuing review of business operations and strategy which includes a reorganisation of the management structure, functions and reporting lines

› Initial findings of the review point towards a focus on specific sectors and as a 'Hotel Services' led accommodation solution provider

› Opened Silverstone hotel, an 80 bedroom year-round hotel

› Opened 'Crash Pad', a 58 bedroom hotel at Merlin Entertainments Group's Thorpe Park theme park

› Large scale accommodation deployment at the G8 Summit - over 1,300 beds and detention cells for the Police Service of Northern Ireland

› 11% increase in room stock to 578 rooms during the period

FINANCIAL HIGHLIGHTS

› Net fundraising of £9.5m in June 2013 to provide both short term working capital and some funding for growth and product development

› Increase in revenue to £4.3m from £1.9m in H1 2012

› Growth in revenues across all divisions - Motorsport, Leisure, Entertainment and Event Support Services

› Loss from operating activities (after exceptional items of £0.4m) of £5.1m, compared to £1.5m from the same period last year

› Cash balance at the end of the period £9.9m and debt of £0.8m

› Net asset value of £21m

Enquiries:

Website: www.snoozebox.com

CHAIRMAN'S REPORT

The first six months of 2013 was a challenging period for the Company. As a consequence of serious financial and commercial issues coming to light, the incumbent CEO and CFO left the business and the board appointed a new executive committee led by me, as Chairman, to undertake a review of the operations and strategy of the business.

Although the Company had initial success in establishing its brand during the course of last year, it rapidly became apparent that, overall, the events scheduled for this year would not deliver the profitability hitherto predicted and that additional funding would be required. Subsequently, a total of £9.5m (net of fundraising expenses) was raised in June to provide both short term working capital and some funding for growth and product development.

RESULTS FOR THE SIX MONTHS TO THE END OF JUNE

Revenue reported for the first six months of the year was £4.3m, compared to £1.9m for the same period last year (not a like for like comparison as the Company only commenced material operations in April 2012). The Company reported a loss from operating activities of £5.1m for the first six months of the year compared with a loss of £1.5m in the same period last year.

Revenue in the first six months of the year has risen in all the sectors in which the Company currently operates, when compared to the same period last year. In addition to seeing growth in the Motorsport, Leisure and Entertainment divisions, the Company's Event Support Services division deployed a large scale accommodation solution for the G8 Summit in Northern Ireland, where Snoozebox supplied sleeping accommodation, detention cells and other services. Revenue attributable to this contract has been recognised over the period of the deployment.

The growth in revenues in the Motorsport sector came from the opening of a permanent 80 bed hotel at Silverstone and an increase in hotel rooms deployed at events including the British Grand Prix and the Isle of Man TT race. The Company also deployed its first hotel in France at the Le Mans 24 hour race. Trading at the Silverstone hotel has been encouraging since opening and the service provision there has now been extended through the introduction of a full catering facility.

Activities in the Leisure and Entertainment sectors showed progress. In the period, the Company increased room stock by 11% and deployed a new 58 bedroom hotel, 'Crash Pad', for the 2013 season at Merlin Entertainments Group's Thorpe Park. The Company is pleased to report that this hotel is delivering high guest experience scores.

Subsequent to the period end, the Company has deployed hotels at the Silverstone Classic, Edinburgh Festival, Moto GP and at Goodwood Festival of Speed, amongst others, and as a result of actions taken, I am pleased to report that room sales have increased year on year.

MANAGEMENT REVIEW

The review is still in progress, however, immediate actions taken in the period include:

• Strengthening of financial controls around operations and procurement

• Improvements introduced in the planning, appraisal and project management of deployments

• Review of the sales and marketing strategy to drive occupancy for the 2013 programme

• The management structure has been overhauled, which has led to a reduction in headcount and a more focussed and accountable operations and management team. The exceptional item of £0.4m reported in the period relates to costs associated with changes in headcount

• Review of the cost structure to ensure it is appropriate to support the business

• Reorganisation of the business development function to focus both on the existing sectors in which the Company operates and on new sectors that we believe have the potential for greatest growth

• Reorganisation of service delivery, including the separation of hotel services from the transport and logistics division, which ensured high guest satisfaction during a challenging period

• The new management team has re-engaged with key customers and suppliers

Despite the challenges the Company has faced, I am pleased to report that, in delivering the events programme, occupancy levels have been higher than we anticipated when considering the outlook in the middle of June and guest experience scores have been high and encouraging.

OUTLOOK

The vision of the founder of the Company, Robert Breare, who sadly died in July 2013, was to provide temporary hotel accommodation at events of a short term duration. To this end, the Company embarked on an ambitious programme for 2013.

The Company now intends to consolidate its position in the UK events market and build on its successes to date as a provider and operator of portable accommodation solutions to the Motorsport, Leisure, Entertainment and Event Support Services sectors. With regard to the programme for 2014, in so far as events have been confirmed (for example the British Grand Prix and Moto GP), sales to date have been positive. Other events are currently being evaluated against rigorous operating and financial criteria.

The Company sees potential for growth in other sectors including construction, energy, healthcare and the provision of temporary accommodation for local authorities. In order to exploit opportunities in these new sectors, the Company will need to invest to broaden its product and service range, as well as re-engineer some of its operations.

Whilst the immediate focus is on the UK market, the Company continues to appraise opportunities in other territories, where there is evidence of demand for high quality portable hotel accommodation and services.

In closing, I would like to take this opportunity specifically to thank the Company's shareholders for their steadfastness and support in the recent fundraising. In addition, I would like to recognise the contribution of my colleagues on the Board and the employees of the Company, whose commitment and assistance during this period were invaluable.

DAVID MORRISON

Chairman

4 September 2013

CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED

BALANCE SHEET

CONDENSED CONSOLIDATED

STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED

CASH FLOW STATEMENT

NOTES TO THE CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

Snoozebox Holdings plc (the 'Company') was incorporated in England and Wales on 30 March 2012 under the Companies Act 2006 (registration number 8013887) and its registered address is 30 Old Burlington Street, London W1S 3NL. As of 23 September, the registered office will be at 6 Agar Street, London WC2N 4HN. On 1 May 2012, the Company was admitted to the alternative investment market of the London Stock Exchange (AIM) where its ordinary shares are traded. Copies of this Interim Report may be obtained from the registered address or on the investor relations section of the Company's website at www.snoozebox.com.

2. ACCOUNTING POLICIES

(a) Statement of compliance

The condensed financial statements have been prepared using accounting policies consistent with those applied in the Company's latest audited financial statements.

The annual financial statements for 2012 for the Company have been filed with the Registrar of Companies. The independent auditor's report on the financial statements for 2012 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

(b) Basis of preparation

In accordance with AIM guidance, this Interim Report has been prepared for the six months ended 30 June 2013, with comparative information for the periods ended 31 December 2012 and 30 June 2012 for the statements of comprehensive income, balance sheet, changes in equity and cash flows. This report, which has not been audited by the Company's Auditors, incorporates the results of the Company and its subsidiary (the 'Group').

The condensed financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated.

The condensed consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities as they fall due for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings, bank and other loan facilities. The Group redeemed an unsecured loan note of £1.25m on 18 January 2013.

The cash holdings of the Group at 30 June 2013 were £9,890,000.

The Directors have prepared cash flow projections which are based on certain assumptions. These show that the Group is capable of operating within the financing arrangements referred to above and of meeting its liabilities as they fall due for a period of not less than 12 months from the date of these condensed financial statements.

The Directors have therefore continued to adopt the going concern basis in preparing these financial statements. The financial statements do not include any adjustments that would result if the going concern basis was not appropriate.

3. EXCEPTIONAL ITEMS

4. LOSS PER SHARE

5. PROPERTY, PLANT AND EQUIPMENT