Snoozebox Holdings plc has announced its interim results for the six months ended 30 June 2015 showing revenues up 300% as it continues to build scale.
Lorcán Ó Murchú, Chief Executive, commented:
“Snoozebox continues to make solid progress, growing revenues, gross profit and contribution to overhead. We have broadened our product offering and strengthened our operating model, in line with our strategy to position the business for sustainable long-term growth.
“Demand for our unique, high quality offering remains high, both from the UK and overseas. With greater visibility, clear growth prospects and an executable event model, our focus in the second half of the year will be to build on the strong foundations we now have in place, investing in further improving and growing the core business, as well as expanding into new sectors and markets.”
Financial Highlights
- Revenues increase by over 300% to £2.4m, compared to £0.7m in the same period last year
- Growth in gross profit to £1.5m (H1 2014: £0.5m), driving the increase in contribution to overheads of £0.7m
- EBITDA pre-exceptional loss of £1.6m in-line with last year, reflecting a higher contribution in the period offset by investment in systems, processes, resources and brand development as the business prepares for scale
- Net assets of £17.6m, with cash at the period-end of £10.7m
H1 Milestones
- Market opportunity and investment case validated
- 25% increase in room stock to over 800 hotel rooms, mix of room inventory under review with current plans to roll out a further 150 new event hotel rooms for 2016 season
- 15 deployments, a fourfold increase year-on-year, with Snoozebox featuring at key music and motorsport events in UK and Europe
- Launch of Event Village and four new innovative offerings: new event hotel room, the new ‘Snoozy’ pop-up room, new Snoozebox Social Hub and portable housing model
- 300 rooms deployed on a semi-permanent basis, in line with strategy; projects identified for deployment of a further 500 rooms post 2015 events season subject to relevant planning consents
- Successful entry into new markets and sectors, including film sector and sports performance
- Global recognition in 2015 from multiple prestigious global awards as an emerging brand, leading in innovation and design
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