Feed: Business Yahoo UK
Posted on: Friday, April 26, 2013 22:18
Author: Business Yahoo UK
Subject: Snoozebox Hotel Company Reports A Loss
Snoozebox, which makes temporary hotels out of shipping containers, has blamed "uncertainties" with Olympic contracts for its annual loss. The Aim-listed company reported a loss of £4.4m over the year, with revenue also lower than expected at £3.8m. Snoozebox had been expected to fare well from the Olympics - given concerns over the amount of accommodation and its ability to deliver hotels to events within 48 hours. But it said "uncertainties regarding the amount of revenue from Olympic-related contracts" was to blame for its "disappointing" results. ________________________________________________________ HIV vaccine test finishes in disappointment Comedian begins their own discussion with 'Oopsie-Daisy Homophobe' ________________________________________________________ It also revealed that founder Robert Breare had stepped down as chief executive. Following its flotation in May last year, shares in Snoozebox rose from 40p to a peak of around 75p in January 2013. Since then, their value has fallen by almost 30% to close at 53.5p on Thursday. Despite the results - which were delayed by three days - chairman, David Morrison said he was optimistic about Snoozebox's future. "Whilst disappointing to be reporting a less than satisfactory result, there is undoubted momentum within the business and a strong pipeline for the current year," he said in a statement. "Our opportunity remains undiminished." In the coming year, the company is due to provide accommodation at events including Download Festival, the Silverstone Grand Prix and Edinburgh Festival. Its hotels - which have 80, 160 or 240 rooms, complete with en-suites, televisions and wifi - are delivered in shipping containers on trucks. The company's president is former British Formula One racing driver David Coulthard. On its website he is quoted as saying: "A 'turnkey' hotel, delivered to an event and fully operational in 48 hours clicked with me immediately. "For spectators, staff and teams it works on every level at any event." |
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