Profits warning for Snoozebox

Portable hotel company Snoozebox has issued a profit warning after failing to publish its annual results today as expected.

As a result, shares in the businesses which provided accommodation for security staff during the Olympic Games and Queen's Diamond Jubilee Pageant, fell sharply by 16.5% to 57p by end of play yesterday.

The directors of the company, headed by chief executive Robert Breare, announced that revenues for the business "will be not less than £3.78m", which is a shortfall of the trading update of 30 January 2013 when sales of £5m were forecast.

Launched at the F1 British Grand Prix in 2011, Snoozebox last year provided more than 20,000 room nights at events including the Isle of Man TT, the Edinburgh Festival and Royal Tattoo and Goodwood Revival.

Those events which will take place again in 2013 have rebooked the company to provide temporary hotel accommodation, generally with an increased number of rooms. Looking ahead to 2014, Snoozebox is set to provide rooms for the Commonwealth Games in Glasgow and the Ryder Cup at Gleneagles.

Snoozebox's company results are now expected to be announced on Friday.

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