Results Round-up
Vending machine and water cooler supplier Snacktime served up lower half-year turnover and wider operating losses, but said a new majority shareholder would help it to enter the cashless payment market.
Snacktime said turnover in the six months to 30 September fell a tenth to £8.52m while operating losses before amortisation, share option charges and one-off costs increased by 23.8% to £370,000.
Gross profit fell 7.8% to £4.8m and pre-tax earnings before one-off costs and share-based payments dropped 21% to £400,000.
Snacktime has carried out a refinancing which has involved majority shareholder Versatel building up its stake in the group this year.
The group said Versatel had the technology to help it expand the use of cashless payments in its vending machines.
Real Good Food saw its profits turn into losses during the first half of the year due to a pricing dispute with British Sugar and a drop in sugar prices.
The food business, which distributes sugar in the UK, reported a drop in revenues by 1% to £128.7m from £130.1m same time last year.
Pre-tax profits of £13,000 last year turned into losses of £4.71m, which dragged earnings per share of 0.4p to losses per share of 6.8p.
Its Napier Brown and Garret Ingredients divisions suffered from the pricing dispute and low sugar prices during the period, but the company said the business has return to profitability in the last months of the year.
Cash and equivalents also decreased to £4.4m from £3.3m.