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Snoozebox Holdings

  • BY: Andrew Hore |
  • POSTED: 03/03/2014 |

Portable modular hotel rooms supplier Snoozebox got off to a strong start but ended up growing too quickly but the business appears to have been sorted out and it has a steadier base from which to grow. 

Lorcan O’Murchu has stepped up from finance director to chief executive. In 2013, Snoozebox revenues increased by four-fifths to £6.5m, although it remains loss-making. The majority of the revenues were in the first half. There was still £4.5m in the bank at the end of 2013. The full year figures will be published in April.

The next generation of modular rooms will be easier to install and costs will be lower.

Snoozebox has long-term permission to build a 240 bedroom portable hotel for every year’s Isle of Man TT races. The hotel for the 2014 TT will have 160 bedrooms and in subsequent years it will be 240 bedrooms. In 2012, the hotel for the TT races had 80 bedrooms so this indicates the increasing demand. Snoozebox supplies portable hotels to the British Grand Prix and Le Mans. Demand is also increasing in other sectors outside of motorsport. Other events include Glastonbury, the Edinburgh Festival and this year’s Ryder Cup.

NAV was £21m at the end of June 2013 and it is likely to be lower at the end of 2013. The share price has more than doubled over the past month. However, at 17.5p a share, Snoozebox is valued at £19m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFFebruary2014_53.pdf

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