SnackTime warns of loss after lengthy audit period

After a lengthy delay due to auditing, vending machine operator SnackTime warned the market that it was expecting a loss in the year to 31 March 2015, though a much smaller one than in the 12 months prior.

The AIM-traded company said that, following extended audit work that was only just concluding, the company expected to report a loss for the year of around £4.4m, before a small taxation credit. It would still be a smaller loss than in the 2014 year, which stood at £8.5m.

SnackTime said the loss was due to a depreciation charge of £1.27m; impairment of intangible assets of £934,000; amortisation of intangible assets of £212,000; exceptional items of £499,000; finance costs of £337,000; and share-based payment expenses of £19,000.

All of those charges were substantially lower than in the prior year, however.

SnackTime's total net borrowing, including shareholder loans, as at 27 March 2015 was £3.72m. It had reduced to £2.3m by the end of February 2016.

"The company's annual report for the year ended 31 March 2015 and interim results for the six months ended 30 September 2015 are expected to be published and notified by 17 March," SnackTime's board confirmed in a statement.