Advertisement

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".

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/uk-economy/601427/covid-bounce-back-loans-and-inflation
UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020