Portable accommodation supplier Snoozebox has reported a £4.4m loss for 2012.
The pod hotel business - which was floated on the stock market in May 2012 raising £12m - attended seven recurring events in 2012, which included the British Grand Prix and Silverstone Classic. Most of these events realised less rooms than planned.
It's most significant contract, providing accommodation at the security village for the London Olympic Games village, made less of a contribution than expected too.
As a result turnover for 2013 was lower than expected at £3.8m. Though Snoozebox was optimistic some of this missing revenue would be realised in 2013.
It was also announced that the board, which took home a combined £570,000, will now be reshuffled. Robert Breare will step down as chief executive to concentrate on sales and business development, while Chris Upton will step down as finance director. Upton will be replaced by Lorcan O'Murco and Gary Thompson is promoted to the board as chief operating officer.
Chairman David Morrison said: "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. Our opportunity remains undiminished."
In his report he added: "2013 will be the first full year operations and the current schedule of deployments and bookings for the year is encouraging."