Interim Results

Snoozebox Holdings plc

("Snoozebox" or "the Company")

Interim results for the six months ended 30 June

HIGHLIGHTS

OPERATING AND FINANCIAL PERFORMANCE

· Improved 2014 events programme in the first half of the year

o Achieved consistently high occupancy levels with room rates ranging from £160 to £330 per night

· Events for the second half of the year include the British Grand Prix, the Silverstone Classic, Glasgow during the Commonwealth Games, Edinburgh for the Festivals, the World Equestrian Games, the Moto GP and the Ryder Cup at Gleneagles

· Turnaround in operating performance

o Positive contribution of £0.1m to central overheads from the events division utilising the existing hotel room stock. This compares to an equivalent adjusted loss of £1.3m in the same period in 2013*

o Central overheads (administrative expenses) reduced by £1.7m, to £2.4m from £4.1m in 2013

o £2.6m improvement in pre-exceptional EBITDA loss reduced to £1.6m from an adjusted £4.2m in the same period last year*

FUNDING

· Substantial new funding sources secured

o Up to £15.6m lease finance announced today

o £10.3m of equity raised in April 2014 with warrants attached

o Funding to be used to complete the next phase of development and launch of next generation event hotel room stock

o Cash balance at 30 June 2014 of £11.7m and net asset value of £24m

PROGRESS ON MILESTONES IN DEVELOPMENT OF THE BUSINESS

· Deployment of existing room stock is on track

o Over 50% of existing room stock now committed to long-term deployments

o Pipeline exceeds available remaining room stock

· Progress in securing recurring positions at key events, having seen substantial growth in demand for three seasons.

o Planning permission secured from the Isle of Man Government to build a 240 bedroom portable hotel for the period of the TT races on the island on a permanent basis

o Five year agreement with Silverstone Circuits that will see the two companies working closely together to develop the offering at the racetrack

· Next Generation Portable Hotel

o The new Snoozebox event hotel room will be launched in November 2014 and ramp up of production of the new fleet will commence

o The Company is experiencing high levels of rebooking, with over 50% of rooms booked for key events in 2015 that are on sale. The event programme includes a hotel deployment during the Rugby World Cup next year

· International demand for Snoozebox offering remains strong:

o Successful deployment at the 2014 World Equestrian Games in France in August

o Preliminary agreement reached on a Snoozebox Fanzone Village for the 2018 World Cup in Russia

o Active discussions ongoing for events including 2016 Rio Olympic Games and 2022 World Cup in Qatar

· Management team strengthened

o Management team strengthened with the appointment of a new CFO, Kate Ferguson and Head of Hotels, James Latham

* In order to compare the performance of the first six months of 2014 on a like for like basis with the same period last year, the impact of the deployment at the G8 Summit has been excluded from the comparative figures as this deployment did not utilise Snoozebox hotel rooms. As a result turnover of £3.33m, costs of sales of £0.01m and logistics, deployment and equipment hire costs of £2.75m have been excluded.

David Morrison, Chairman, added:

"To facilitate the development and introduction of a second generation of Snoozebox units, which will be launched before the end of this year, the Company raised £10m of equity in the spring and that sum has now been supplemented by a lease finance package, announced today, of up to £15.6m. Whilst the benefit of the facility will have more of an impact in 2016 than next year, the additional financial muscle of the Company will have a notable effect on our ability to capitalise on the strong demand we continue to see.

I am pleased that Lorcán Ó Murchú became Chief Executive in February 2014 and we have today announced the appointment of a new CFO, Kate Ferguson. These appointments have rounded out the management and give me confidence that we now have a strong team in place, which is capable of driving the growth of the business".

Lorcán Ó Murchú, Chief Executive, added:

"Following the completion of a business review in 2013, a new growth strategy was outlined earlier this year. In the period since, some key milestones have been achieved, which includes the provision of up to £26m of additional funding to finance the business plan.

I believe the progress made in the underlying operating model in the first half of the year, combined with the launch of the Next Generation Portable Hotel in the second half provides a platform on which to transform the performance of the business in 2015 and to scale the business in 2016".

30 September 2014

Enquiries:

Website: www.snoozebox.com

CHAIRMAN'S STATEMENT

The first half of 2014 saw the Company begin to benefit from the actions taken last year and the Chief Executive's Review provides analysis of the operating performance in the first six months of the year. I would, however, like to comment on two developments of the past few months, which are critical to the growth of the Company.

Firstly, I am pleased that Lorcán Ó Murchú, having joined the Company as Chief Financial Officer in 2013, was appointed Chief Executive in February 2014. Subsequently, there have been additional appointments, which have rounded out the management and give me confidence that we now have a strong team in place, which is capable of driving the growth of the business.

Secondly, in order to facilitate the development and introduction of a second generation of Snoozebox units, which will be launched before the end of this year, the Company raised £10m of equity in the spring and that sum has now been supplemented by a lease finance package, announced today, of up to £15.6m. Whilst the benefit of the facility will have more of an impact in 2016 than next year, the additional financial muscle of the Company will have a notable impact on our ability to capitalise on the strong demand we continues to see.

I would like to take the opportunity to thank our employees for their commitment and our shareholders for their continued support. I feel increasingly positive about the outlook for the Company.

DAVID MORRISON

30 September 2014

CHIEF EXECUTIVE'S REVIEW

Following the completion of a business review in 2013, a new growth strategy was outlined earlier this year. In the period since, some key milestones have been achieved, which includes additional funding of up to £26m available to finance the business plan.

The Company has also strengthened the management team with the appointment of the new CFO, Kate Ferguson, and Head of Hotels, James Latham, to lead on service delivery as the Company expands.

The deployment of the existing hotel room stock on a long-term basis as well as the introduction of a more flexible and efficient portable hotel model for the events market have been key deliverables in the turnaround of the existing business and in moving the Company forward to maintain leadership in the market.

At the time of writing over 50% of the existing room stock has been committed on a long-term basis and the pipeline of demand exceeds remaining room stock. Key long-term deployments in the first half of the year include a five year agreement with Silverstone and a two year agreement to deploy a hotel at the Eden Project in Cornwall, which is scheduled to open in October.

The new hotel rooms have far greater deployability with the capacity to accommodate more guests, at a markedly lower cost. This will enable the business to capitalise on the growing demand for high quality portable hotel accommodation at sporting, music and other events.

RESULTS FOR THE SIX MONTHS TO 30 JUNE

The Company has made demonstrable progress in the development and successful delivery of its event programme and in creating a platform for growth and profitability. I am pleased to report a turnaround in the operating performance of the events business from the heavy losses reported in the first half of last year. The financial highlights are as follows:

· A positive contribution of £0.1m to central overheads from the events division utilising the existing hotel room stock. This compares to an equivalent adjusted loss of £1.3m in the same period in 2013*

· A reduction in central overheads of £1.7m, to £2.4m from £4.1m in the same period in 2013

· The reduction in central overheads has resulted in a £2.6m improvement in pre-exceptional EBITDA loss, reducing to £1.6m, from an adjusted £4.2m in the same period last year*

· The Company has achieved consistently high occupancy levels

The results of the first events in the current season demonstrate increasing demand for high quality hotel rooms and that a positive contribution can be generated by the existing hotel room stock from both short and long-term deployments.

In the first half of the year, the Company limited the number of events it attended and continued to overhaul the operating model and refine service delivery. This strategy has resulted in the Company achieving high occupancy rates, several sold-out events, room rates ranging from £160 to £330 per night and some events delivering a contribution of over 20%, before central overheads.

Revenue of £0.7m is reported for the first half of 2014 compared to revenues of £0.9m for the same period in 2013 on an adjusted basis*. Revenues are anticipated to be higher in the second half of the year and key events include the British Grand Prix, the Silverstone Classic, Glasgow for the Commonwealth Games, Edinburgh for the Festivals, the World Equestrian Games, the Moto GP and the Ryder Cup.

RECENT EVENTS AND OUTLOOK

During the period the Company moved to secure long-term positions at key events, having seen substantial growth in demand for three seasons. In addition to the five year agreement with Silverstone covering events and the semi-permanent hotels, planning permission was awarded by the Isle of Man Government to build a 240 bedroom portable hotel for the period of the TT races on the island on a permanent basis. The Company will continue to look for long-term relationships with event organisers at key events. The Company is experiencing high levels of rebooking, with over 50% of rooms booked for key events in 2015 that are on sale. The event programme includes a hotel deployment during the Rugby World Cup next year

Snoozebox continues to see strong international demand. The Company successfully deployed at the World Equestrian Games in France and reached preliminary agreement for a Snoozebox Fanzone Village for the 2018 World Cup in Russia earlier this year. The Company continues to experience clear demand from the US, South America and Middle East and active discussions are ongoing for events including the 2016 Rio Olympic Games and 2022 World Cup in Qatar.

I believe the progress made in the underlying operating model in the first half of the year, combined with the launch of the Next Generation Portable Hotel in the second half provides a platform on which to transform the performance of the business in 2015 and to scale the business in 2016.

LORCÁN Ó MURCHÚ

30 September 2014

* In order to compare the performance of the first six months of 2014 on a like for like basis with the same period last year, the impact of the deployment at the G8 Summit has been excluded from the comparative figures as this deployment did not utilise Snoozebox hotel rooms. As a result turnover of £3.33m, costs of sales of £0.01m and logistics, deployment and equipment hire costs of £2.75m have been excluded.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June

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 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 financial information included for the year ended 31 December 2013 does not constitute the full statutory accounts for that year. The annual financial statements for 2013 for the Company have been filed with the Registrar of Companies. The independent auditor's report on the financial statements for 2013 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 2014, with comparative information for the periods ended 31 December 2013 and 30 June 2013 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 subsidiaries (the 'Group') and was approved by the Board of directors on 30 September 2014.

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 and cash holdings.

The cash holdings of the Group at 30 June 2014 were £11,739,000.

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.

(c) Presentation of accounts

In order to follow the classifications introduced in the year end financial statements, the following amendments have been made to the Condensed Consolidated Statement of Comprehensive Income comparatives for the six months to 30 June 2013.

A new category of costs, 'Logistics, deployment and equipment hire', has been added to the disclosures in arriving at the Loss from Operating Activities to provide a greater clarity of the operational areas in which the costs have been incurred. In addition, all depreciation is now disclosed within 'Administrative expenses'. The comparatives have been reclassified to match as shown in the table below:

There has been no change in the recognised loss arising from these presentational changes.

3. EXCEPTIONAL ITEMS

4. LOSS PER SHARE

5. PROPERTY, PLANT AND EQUIPMENT