Snoozebox CEO resigns as company reports annual loss

Snoozebox Chief Executive Officer Robert Breare stepped down as the hotel company reported an annual loss.

Snoozebox Chief Executive Officer Robert Breare stepped down as the hotel company reported an annual loss.

The AIM-listed company posted a 2012 loss of £4.4m, down from the previous year's loss of £1.2m.

Revenue came in lower than expected at £3.8m but higher than the prior year's £35m.

The group blamed uncertainties with London Olympic related contracts for its "disappointing results".

It came despite expectations the firm would fare well from the games as it managed to deliver hotels to events within 48 hours.

However, Chairman David Morrison was optimistic about the year ahead.

"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.

"Our opportunity remains undiminished."

The company is due to provide accommodation at events including Download Festival, the Silverstone Grand Prix and Edinburgh Festival.

Its hotels are delivered in shipping containers on trucks and have 80, 160 or 240 rooms, complete with en-suites, televisions and wifi.

RD

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