Losses widen at Snoozebox

10th Sep 2013 08:41

Portable accommodation provider Snoozebox said half year losses widened, but it sees potential for growth in new sectors such as construction, energy, healthcare.The group, which creates portable hotel rooms from shipping containers used at motor races and music festivals, said loss from operating activities, after exceptional items of £0.4m, grew to £5.1m for the six months ended June 30th from a loss of £1.5m a year earlier. Revenue rose to £4.3m from £1.9m after growth in revenues across Motorsport, Leisure, Entertainment and Event Support Services. The group reported an 11% increase in room stock to 578 rooms during the period."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," said Chairman David Morrison."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," he added.The AIM-listed company, which floated last year, has since experienced disappointing sales and its share price has slumped to half their IPO price.Cash balance at the end of the period was £9.9m while debt stood at £0.8m. CJ