SHAREHOLDERS in Snoozebox who may have had trouble getting a good night’s rest at times over the past year may be sleeping a little more soundly at the moment.
The temporary accommodation provider, which will be providing beds for spectators at this year’s Ryder Cup, saw its shares slump from more than 70p to as little as 6.4p after it was hit by a succession of woes including a profit warning and the departure of its founder.
Last May the company raised more than £10 million in funds from investors in a bid to turn around its fortunes and provide what it described as “fuel for growth”.
The fruits of that restructuring now appear to be paying off and the shares have picked up in recent weeks.
The firm recently reported that sales to date of 2014 events are substantially higher than last year, selling at a faster rate and with some events seeing prices over 100 per cent higher than in 2013.
The more positive outlook prompted analysts at Edison to last week conclude that the company “looks to be firmly on the mend”.
Snoozebox is expected to publish its annual results for the year ended 31 December 2013 in early April.
• Investors will be looking for an update from Sportech, the football pools and international gaming group, on its VAT claim against HM Revenue & Customs (HMRC) when it reports on Wednesday.
Talks with third parties to explore the possibility of securing “insurance” against its £95m VAT refund claim against HMRC ended recently although the company said it remains confident in its arguments in the case and a successful outcome of the appeal. Stockbroker Panmure Gordon has a buy recommendation and 153p target price on the shares which last week closed at 89.25p.
• Shares in stock market minnow Totally rose by more than 50 per cent last week – although the company is still worth less than £3m – on the back of news of a contract win in London. Its health division will work with patients in Waltham Forest to help them better manage their own conditions.