Snoozebox reduces pre-tax loss to £2.1m

Portable accommodation provider Snoozebox Holdings reduced its pre-tax loss by £1m, during the six months to 30 June 2016, as the company worked towards establishing financial stability.

The group, which provides temporary hotels at sporting events such as the British Grand Prix and the Cheltenham Festival, announced in an unaudited interim report that its year-on-year pre-tax loss for the period had fallen 32% to £2.1m, while turnover fell 8% from £2.4m to £2.2m.

EBITDA loss, adjusted due to exceptional items and share-based payment charges, was cut in half, down from £1.7m in the first half of 2015 to £0.8m. Meanwhile, Snoozebox Holdings' net debt was slashed from £5.4m at the end of 2015 to £3.2m on 30 June 2016.

Chris Errington, executive chairman of the company, said: "The group has made some good progress in the period towards financial, operational and cost base stabilisation. The key focus for H2 16 and into 2017 is on securing new customers for longer term semi-permanent deployments set alongside a significantly more efficient cost base."

Snoozebox Holdings already operates a semi-permanent 174-bedroom hostel with 58 bathrooms, aimed at school parties, at the Eden Project in Cornwall.

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