Snacktime expects in line results, reduces loan

8th Apr 2014 10:09

SnackTime was a strong riser on Tuesday after confirming its full-year results would be in line with expectations and reporting a decline in the size of its loan. The vending machine retailer and operator said revenue for the year ended March 31st would be around £19m, with operating profit before depreciation and amortisation of £1.3m. SnackTime expects to deliver annualised savings of more than £0.6m after its recent re-organisation, which generated exceptional costs of around £0.4m, as expected. On April 7th the group repaid £0.29m on its loan with the Co-op Bank, taking the overall reduction in the past nine months to around £2.9m. It said it was in the process of renegotiating these overdraft facilities, which are due for renewal in early May. The group also said that the sale of its Drinkmaster business was "progressing well" after it received a number of offers. The shares jumped 14.63% to 11.75p by 09:45.NR