Get the latest hospitality news and inspiration straight to your inbox. Subscribe to our newsletter.

Snoozebox reduces pre-tax loss to £2.1m

Written by:
Snoozebox reduces pre-tax loss to £2.1m
Written by:

Portable accommodation provider Snoozebox Holdings reduced its pre-tax loss by £1m, during the six months to 30 June 2016, as the company worked towards establishing financial stability.

The group, which provides temporary hotels at sporting events such as the British Grand Prix and the Cheltenham Festival, announced in an unaudited interim report that its year-on-year pre-tax loss for the period had fallen 32% to £2.1m, while turnover fell 8% from £2.4m to £2.2m.

EBITDA loss, adjusted due to exceptional items and share-based payment charges, was cut in half, down from £1.7m in the first half of 2015 to £0.8m. Meanwhile, Snoozebox Holdings’ net debt was slashed from £5.4m at the end of 2015 to £3.2m on 30 June 2016.

Chris Errington, executive chairman of the company, said: “The group has made some good progress in the period towards financial, operational and cost base stabilisation.  The key focus for H2 16 and into 2017 is on securing new customers for longer term semi-permanent deployments set alongside a significantly more efficient cost base.”

Snoozebox Holdings already operates a semi-permanent 174-bedroom hostel with 58 bathrooms, aimed at school parties, at the Eden Project in Cornwall.

Snoozebox chief financial officer departs >>

Snoozebox sees H1 revenues soar 300% >>

Snoozebox predicts profit for 2016 >>
 

Latest video from The Caterer

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs >>

Start the discussion

Sign in to comment or register new account

Start the working day with

The Caterer’s free breakfast briefing email

Sign up now for:

  • The latest exclusives from across the industry
  • Innovations, new openings, business news and practical advice
  • The latest product innovations and supplier offers
Sign up for free