Snoozebox ‘disappointed’ by £4.4m loss

The AIM-listed company, which makes temporary hotels out of shipping containers, has blamed the loss on an ‘uncertainty’ over the amount of revenue to be recognized from Olympics-related contracts.

“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,” said Snoozebox chairman David Morrison. “Our opportunity remains undiminished.”

The group’s financial statement also announced a reshuffle of its board. Morrison will now chair the executive committee, with Robert Breare stepping down as chief executive to concentrate on sales and business development.

Finance director Chris Upton will be succeeded by Lorcan O’Murchu and Gary Thomson is promoted to the board as chief operating officer.

In October last year, Stoneleigh Park became the first exhibition and events venue in the UK to install Snoozebox,which allowed the property to increase the number of its bedrooms from 58 to 138 in just two days.

“When we were increasingly finding our existing on-site hotel accommodation fully booked, Snoozebox provided an ideal flexible and immediate solution to the growing demand,” said Stoneleigh Park’s chief executive Ian Pegler.

Snoozebox was present at seven events in 2012, including the British Grand Prix – it’s president is former British Formula One racing driver David Coulthard.

The pod hotel business was floated on the stock market in May 2012, with shares rising from 40p to a peak of just over 75p in January this year. Snoozebox’s value was just over 50p at the end of last week.

It’s financial statement claims it has ‘built on and learnt from the success of the events of the past year and has continued to build a strong pipeline of business for the current year’.