Snoozebox shares take a dive after the firm warns on profit

SHARES in Aim-listed Snoozebox tumbled 16.5 per cent yesterday after the portable hotel group issued a profit warning.

Snoozebox, which listed on Aim last April, said it expected revenues for 2012 to be “not less than £3.78m”, a “material shortfall” against the trading update issued on 30 January, which said that full-year revenues would exceed forecasts.

The company, which provides upmarket temporary rooms at events such as Glastonbury, the G8 summit and the Silverstone Grand Prix, also delayed the release of its full-year figures, which were due to be published yesterday.

The group said it was working with its auditors at BDO to finalise the figures by the end of the week.

“The company has a strong pipeline of event-related and other deployments for the current year, as a result of which the directors remain confident of the company’s prospects,” it said in a statement.

The firm’s shares closed at 57p yesterday, valuing the firm at around £38m.

The group raised £12m through a placing at 40p per share last year. Panmure Gordon acted as broker and financial adviser.

It was first set up in 2011 by hospitality veteran Robert Breare.