FINANCE: Portable hotel specialist Snoozebox has narrowed its pretax loss by 40% from £9.4m in 2013 to £5.6m for the year ending 31 December 2014.
The company, which provides portable hotel and accommodation services, said that its pretax loss had narrowed as exceptional costs in the previous year did not recur, and operating costs were reduced.
This helped offset a drop in revenue to £2.8m from £6.7m the previous year.
The company reduced overheads during the year and improved its events division. It also secured £26m of additional funding during the year.
Snoozebox announced that its primary focus in 2015 would be the deployment of its remaining room stock on longer-term, semi-permanent contracts, as well as the roll-out of the first tranche of 150 new rooms.
Chief executive Lorcán Ó Murchú said: “I believe that the substantial progress made in the underlying operating model provides a platform on which to build a successful and growing business, backed by strong and growing customer demand for our unique brand and innovative offering.”
