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(SNAK.L) SnackTime PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 17-09-09 | RNS |
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RNS Number : 2653Z Snacktime PLC 17 September 2009 17 September 2009 SnackTime plc (the "Company") Director's Dealings The Company has today received notification that on 16 September 2009, David Lowe, non-executive Director of the Company, purchased 398 ordinary shares of 2p each in the Company ("the Shares"), at a price of 125.4p per share. Following this transaction Mr Lowe's total interest in the Company is 174,018 ordinary shares, representing approximately 2.3 per cent. of the Company's issued ordinary shares. In addition to the above, David Lowe is a director of Elderstreet Investments Limited which through the Elderstreet VCT plc is interested in 1,796,096 ordinary shares of 2p each in the Company, representing approximately 24.0 per cent. of the Company's issued ordinary shares. Enquiries:
Blair Jenkins, Chief Executive Julia Brand, Finance Director
Tom Griffiths / Alasdair Younie
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-09-09 | RNS |
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RNS Number : 1221Z Snacktime PLC 16 September 2009 16 September 2009 SnackTime plc ("SnackTime" or the "Company") Acquisition of MBM Business Systems Limited SnackTime plc, one of the UK's largest national operators of snack and chilled drink vending machines, is pleased to announce the acquisition of MBM Business Systems Limited ("MBM"), which owns the trademarks and assets to Snack in The Box ("SITB") and operates the SITB franchise network. SITB is a significant provider of vended snacks and chilled drinks to the workplace and is SnackTime's main UK and Eire competitor in the snack and chilled drinks vending market. Following the acquisition, SnackTime will have a network of over 20,000 customer sites across the UK and Eire, which it believes will be the largest snack vending network in the UK and Eire. The acquisition is expected to be earnings enhancing in its first year of ownership and in addition will
SITB was established 14 years ago and specialises in the provision of snack and chilled drinks to the workplace. The business services customers through franchisees who either operate vending machines or honesty boxes. SITB has in excess of 5,000 vending sites and 10,000 honesty boxes. SnackTime has acquired MBM for a cash consideration of £1.5 million and has agreed to retain key MBM directors with performance-related cash and share option bonuses. MBM reported revenue of £3.375 million and profit before tax of £301,000 for the year ended 31 March 2009 and had net assets of £108,000 as at 31 March 2009. SnackTime is currently engaged in evaluating further acquisition opportunities in the UK and mainland Europe as it seeks to continue to grow both its operated and franchised snack and chilled drink vending machine network organically and by acquisition. In addition, the Company now offers hot drinks machines alongside its snack and chilled drinks vending machines. Blair Jenkins, Chief Executive of SnackTime, commented "This acquisition is another significant milestone for SnackTime in its growth plans. SnackTime is now a leading player in the snack and chilled drink vending sector in the UK and Eire and has the delivery platform to reach an even wider base of customers." Enquiries
Blair Jenkins, Chief Executive Julia Brand, Finance Director
Tom Griffiths / Alasdair Younie Notes to Editors: - SnackTime plc (AIM: SNAK.L), is the holding company of SnackTime UK Limited, which is one of the UK's largest national operators of snack and chilled drink vending machines. The group has thousands of sites located throughout the UK, which are serviced by its five main depots located in Cumbernauld (near Glasgow), Manchester, Alcester, Wokingham, and Belfast. Each main depot is responsible through a team of area managers, merchandisers and engineers for installing, maintaining and restocking all of the Group's vending machines. The core element of the Group's business model is that it retains ownership of the vending machines, which are sited free on loan. The Group generates cash through sales of products from its vending machines and also from contributions from its Brand Partners, Mars, Britvic, PepsiCo (Walkers Crisps) and Coca-Cola. SnackTime UK has four main types of vending machines. The Group decides on the appropriate style and size of vending machine which is installed in each customer's site so as to deliver a high level of customer service to maximise sales. The Group's customers include national retailers, such as Matalan, Argos, Homebase and Dunelm Mills, as well as a large number of offices and factories. This information is provided by RNS The company news service from the London Stock Exchange END
ACQILFSDADIELIA More |
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| 09-09-09 | RNS |
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RNS Number : 7701Y Snacktime PLC 09 September 2009 9 September 2009 SnackTime plc ("SnackTime") Annual Report and Accounts The SnackTime plc Annual Report and Accounts for the year ended 31 March 2009 has been distributed to shareholders and copies are available from the address below: The Company Secretary Snacktime plc 2nd Floor West Forest Gate Wellington Rd Wokingham Berkshire RG40 2AQ or from the SnackTime website: www.snacktimeuk.co.uk Enquiries:
Blair Jenkins, Chief Executive Julia Brand, Finance Director
Tom Griffiths/Alasdair Younie This information is provided by RNS The company news service from the London Stock Exchange END
ACSEAENNESKNEFE More |
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| 11-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 2012X
Snacktime PLC
11 August 2009
11 August 2009
SNACKTIME plc
("SnackTime", the "Company" or the "Group")
RESULTS FOR THE YEAR ENDED 31 MARCH 2009
Snacktime plc, one of the UK's largest national operators of snack and chilled drink vending machines, is pleased to announce its preliminary results for the year ended 31 March 2009.
HIGHLIGHTS
* EBITDA increased by 79% to £1.0 million (2008: £0.6 million)
* Profit before tax increased by 64% to £0.2 million (2008: £0.1 million)
* £1.1 million new funds was raised through the issue of new ordinary shares and convertible loan notes in December 2008
Blair Jenkins, Chief Executive commented,
"This has been another successful year for SnackTime with significant growth in our vending machine estate, sales and profits. The economic environment remains difficult and the business has also had to withdraw vending machines from a larger than anticipated number of customers. However, the business continues to see very good opportunities in the coming year, and we remain optimistic that Snacktime's excellent growth record can be continued."
Enquiries:
Snacktime plc Tel: 01189 773 344
Blair Jenkins, Chief Executive
Julia Brand, Finance Director
Arbuthnot Securities Tel: 020 7012 2000
Tom Griffiths/Alasdair Younie/Ben Wells
Notes to Editors: -
SnackTime plc (AIM: SNAK.L), is the holding company of SnackTime UK Limited, which is one of the UK's largest national operators of snack and chilled drink vending machines. The group has thousands of sites located throughout the UK, which are serviced by its five main depots located in Cumbernauld (near Glasgow), Manchester, Alcester, Wokingham, and Belfast. Each main depot is responsible through a team of area managers, merchandisers and engineers for installing, maintaining and restocking all of the Group's vending machines.
The core element of the Group's business model is that it retains ownership of the vending machines, which are sited free on loan. The Group generates cash through sales of products from its vending machines and also from contributions from its Brand Partners, Mars, Britvic, PepsiCo (Walkers Crisps) and Coca-Cola.
SnackTime UK has four main types of vending machines. The Group decides on the appropriate style and size of vending machine which is installed in each customer's site so as to deliver a high level of customer service to maximise sales. The Group's customers include national retailers, such as Matalan, Argos, Homebase and Dunelm Mills, as well as a large number of offices and factories.
The Company's Annual Report and Accounts will be available on the Company's website and will be posted to shareholders by the end of August 2009. This announcement will be available on the Company's website at www.snacktimeplc.com.
DIRECTORS' STATEMENT
SnackTime is pleased to report another highly successful year of trading with sales in the year up by 75% with organic sales growth of approximately 30%. EBITDA is up 79% and profit before tax up 64%. The Group has significantly grown its snack vending machine estate and in addition has commenced the operation of hot beverage machines. SnackTime's growth continues to be exceptional compared to the vending industry norm.
The Group's revenue for the year was £6,673,965 (2008: £3,807,784), yielding a gross profit of £4,092,451 (2008: £3,053,465) and an operating profit of £399,255 (2008: £257,139). The Group's profit for the year after taxation was £130,993 (2008: £47,347). This gives basic earnings per share of 1.82 pence (2008: 0.87p). The Directors do not recommend payment of a dividend in respect of the year ended 31 March 2009 (2008: nil).
The current economic climate is encouraging organisations of all shapes and sizes to seek value from their suppliers. SnackTime's free on loan business model is particularly attractive to current and potential customers in these tougher economic times.
The growth this year has largely occurred as a result of an increase in new customers with several new multisite private and public sector customers being acquired. The Group significantly grew its base of glass fronted snack and chilled drink machines and the Board believes this is where most of the Group's growth in the current financial year will occur.
Demand for snack and chilled drink machines continues to be high. However, the Group is being much more selective over new sites in order to ensure that new customers generate the necessary return on capital invested.
The Company already has a very sophisticated IT infrastructure. Nevertheless further major IT upgrades and additions are currently being implemented. These IT improvements, when completed, will enable the Group's managers to remotely access the Group's central database whilst in the field via handheld devices. In addition, data entry is being converted from a manually-inputted paper based system to instant data input at source in the field. This should enable the business to improve efficiency still further and drive down operating costs over time.
The Group has many thousands of sites located throughout the UK mainland and both Northern and the Republic of Ireland. SnackTime believes it operates the most efficient and best customer service in its sector and this coupled with its policy of providing machines to customers on a 'free on loan' strategy results in a proposition which is in high demand.
The Group bases its team area managers, merchandisers and engineers at five main depots in Wokingham, Alcester, Belfast, Manchester and Glasgow. All of the Group sites are serviced from these hubs. SnackTime's head office is in Wokingham, Berkshire, and its sales office is located in Evesham, Worcestershire.
The core element of SnackTime's business model is that it retains ownership of all vending machines, which are sited at no cost to the site owner/occupier. SnackTime generates cash in two ways - firstly from the sales of product through the machines and secondly through contributions from its Brand partners - Mars, Walkers, Britvic and Coca Cola. SnackTime operates what it believes to be an industry leading service to its customers both in terms of efficiency and quality.
New products and current trading
Inaddition to its core customer base, SnackTime continues to receive high demand from two related types of customers. Firstly, those customers who are too small to be given a free on loan machine and secondly from customers wanting hot beverage machines. The Group is currently conducting trials in both these areas with a view to rolling out innovative market solutions in the forthcoming year. The Directors believe that these new solutions will significantly increase growth and profits in the forthcoming year and create economies of scale. In both cases the developing plans are based upon strong consumer branding by linking the solutions in a symbiotic relationship with major multinational brand partners.
SnackTime also continues to evaluate potential acquisitions in both its core snack sector as well as hot beverages. However, it is focused on ensuring that any new acquisitions strategically fit the Group's growth plans and are also priced at good value.
The Directors are confident that the current financial year will be another year of significant progress despite the current economic climate
Consolidated Income Statement
Year Ended 31 March 2009
2009 2008
£ £
Revenue 6,673,965 3,807,784
Cost of sales (2,581,514) (754,319)
Gross profit 4,092,451 3,053,465
Distribution costs and administration expenses (3,693,196) (2,796,326)
Profit from operations 399,255 257,139
Investment income 54,531 40,107
Finance costs (251,853) (174,395)
Profit before taxation 201,933 122,851
Income tax expense (70,940) (75,504)
Profit after taxation 130,993 47,347
Basic profit per share 1.82 pence 0.87 pence
Diluted profit per share 1.82 pence 0.85 pence
All operations relate to continuing operations
Consolidated Statement of Changes in Equity
Issued share capital Share premium Share option reserve Equity element of Capital redemption Merger reserve Retained earnings Total
account compound financial reserve
instrument
£ £ £ £ £ £ £ £
Balance as at 1 April 2007 97,224 - - - 1,274,279 116,892 (240,054) 1,248,341
Profit for the year & total - - - - - - 47,347 47,347
recognised income and expense
in year
Share option expense - - 38,189 - - - - 38,189
Issue of share capital 41,667 2,753,458 - - - - - 2,795,125
Balance as at 31 March 2008 138,891 2,753,458 38,189 - 1,274,279 116,892 (192,707) 4,129,002
Balance as at 1 April 2008 138,891 2,753,458 38,189 - 1,274,279 116,892 (192,707) 4,129,002
Profit for the year - - - - - - 130,993 130,993
Total recognised income and - - - - - - 130,993 130,993
expense for the year
Issue of share capital 10,836 454,185 - - - - - 465,021
Equity element of compound - - - 65,810 - - - 65,810
financial instruments issued
Share option expense - - 72,013 - - - - 72,013
Share issue costs - (141,118) - - - - - (141,118)
Balance as at 31 March 2009 149,727 3,066,525 110,202 65,810 1,274,279 116,892 (61,714) 4,721,721
Consolidated Balance Sheet
31 March 2009
2009 2008
£ £
ASSETS
Non current assets
Property, plant and equipment 5,104,828 3,315,495
Deferred tax asset - 52,169
5,104,828 3,367,664
Current assets
Inventories 933,203 754,946
Trade and other receivables 987,014 887,480
Cash and cash equivalents 1,116,749 1,903,020
3,036,966 3,545,446
TOTAL ASSETS 8,141,794 6,913,110
LIABILITIES
Current liabilities
Borrowings (824,833) (649,010)
Trade and other payables (613,408) (769,780)
(1,438,241) (1,418,790)
Non current liabilities
Borrowings (1,963,061) (1,344,155)
Trade and other payables - (21,163)
Deferred tax liability (18,771) -
(1,981,832) (1,365,318)
TOTAL LIABILITIES (3,420,073) (2,784,108)
NET ASSETS 4,721,721 4,129,002
EQUITY
Share capital 149,727 138,891
Share premium account 3,066,525 2,753,458
Merger reserve 116,892 116,892
Capital redemption reserve 1,274,279 1,274,279
Share option reserve 110,202 38,189
Equity element of compound financial instrument 65,810 -
Retained earnings (61,714) (192,707)
TOTAL EQUITY 4,721,721 4,129,002
Consolidated Cash Flow Statement
Year Ended 31 March 2009
2009 2008
£ £
Cash flow from operating activities
Adjusted for:
Profit before taxation 201,933 122,851
Finance costs 251,853 174,395
Finance income (54,531) (40,107)
Depreciation of property, plant and 641,623 325,724
equipment
Profit on disposal of property, plant and (1,617) (21,314)
equipment
Share based payment expense 72,013 38,189
Operating cash flow 1,111,274 599,738
Increase in inventories (178,257) (277,640)
Increase in receivables (99,534) (122,354)
Decrease in payables (177,536) (370,094)
Cash generated from operating activities 655,947 (170,350)
Interest paid (251,853) (174,395)
Net cash from operating activities 404,094 (344,745)
Cash flow from investing activities
Interest received 54,531 40,107
Proceeds on disposal of property, plant 1,617 51,491
and equipment
Purchase of property plant and equipment (2,430,956) (1,511,859)
Net cash generated from investing activities (2,374,808) (1,420,261)
Cash flow from financing activities
Repayment of borrowings (717,659) (86,033)
Hire purchase and loan advances 1,724,430 826,871
Proceeds on issue of shares and other 344,093 2,795,125
equity instruments
Net cash generated from financing activities 1,350,864 3,535,963
Net (decrease)/increase in cash and cash (619,850) 1,770,957
equivalents
Cash and cash equivalents
Cash and cash equivalents at beginning of 1,735,066 (35,891)
year
Cash and cash equivalents at end of year 1,115,216 1,735,066
Cash and cash equivalents comprise:
Cash 1,116,749 1,903,020
Overdrafts (1,533) (167,954)
1,115,216 1,735,066
Notes to the results
1. publication of non-statutory accounts
The financial information set out in this announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial information for the year ended 31 March 2008 has been extracted from the Group's financial statements to that date which received an unmodified auditor's report and have been delivered to the Registrar of Companies. The financial information for the year ended 31 March 2009 has been extracted from the Group's financial statements to that date which have received an unmodified auditor's report but have not yet been delivered to the Registrar of Companies.
2. PROFIT from operations
2009 2008
£ £
This is stated after charging/(crediting):
Depreciation of property, plant and equipment
- owned by the group 377,511 209,319
- held under finance leases 264,112 116,405
Profit on disposal of property, plant and equipment (1,617) (21,314)
Rentals under operating leases - land and buildings 52,500 48,436
3. investment income
2009 2008
£ £
Bank interest receivable 54,531 40,107
4. FINANCE COSTS
2009 2008
£ £
Interest on bank loans 8,799 67,676
Interest on convertible loan notes 20,277 -
Other loan interest 34,996 34,996
Interest on obligations under finance leases 187,781 71,723
251,853 174,395
5. Staff numbers and costs
The average monthly number of people employed by the Group (including Executive Directors) during the year, analysed by category, were as follows:
2009 2008
Operational staff 28 22
Administrative staff 13 16
41 38
The aggregate payroll costs were as follows: 2009 2008
£ £
Wages, salaries and fees 1,124,037 978,366
Pension costs 35,207 -
Social security costs 120,543 107,525
Cost of options issued 72,013 38,189
1,351,800 1,124,080
6. Taxation
2009 2008
£ £
Corporation tax - -
Deferred tax
Origination and reversal of timing differences 80,228 54,926
Adjustments in respect of prior periods (9,288) 20,578
Tax on profit on ordinary activities 70,940 75,504
Factors affecting tax charge for the year:
The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 28% (2008: 30%). The differences are explained below:-
2009 2008
£ £
TAX RECONCILIATION
Profit per accounts before taxation 201,933 122,851
Tax on profit on ordinary activities at standard
rate of 28% (2008 - 30%) 56,541 36,855
Expenses not deductible for tax purposes 21,035 12,350
Ineligible depreciation 2,652 1,995
Adjustments to deferred tax for prior years (9,288) 20,578
Deferred tax adjustments - 10,866
Effect of change in tax rate on opening balances - (7,140)
Current tax charge for the year 70,940 75,504
7. Property Plant and equipment
Furniture,
Leasehold Plant and Motor fittings and
improvements machinery vehicles equipment Total
£ £ £ £ £
Cost
At 1 April 2007 38,696 2,628,440 295,228 91,271 3,053,635
Additions 8,911 1,473,302 2,231 27,415 1,511,859
Disposals - - (83,888) - (83,888)
At 1 April 2008 47,607 4,101,742 213,571 118,686 4,481,606
Additions 55,213 2,168,001 141,481 66,261 2,430,956
Disposals - - (37,709) - (37,709)
At 31 March 2009 102,820 6,269,743 317,343 184,947 6,874,853
Depreciation
At 1 April 2007 16,264 673,478 140,449 63,907 894,098
Charge for the year 13,417 244,468 48,742 19,097 325,724
Disposals - - (53,711) - (53,711)
At 1 April 2008 29,681 917,946 135,480 83,004 1,166,111
Charge for the year 13,120 546,980 61,258 20,265 641,623
Disposals - - (37,709) - (37,709)
At 31 March 2009 42,801 1,464,926 159,029 103,269 1,770,025
Net Book Value
At 31 March 2009 60,019 4,804,817 158,314 81,678 5,104,828
At 31 March 2008 17,926 3,183,796 78,091 35,682 3,315,495
Property Plant and equipment (continued)
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
2009 2008
£ £
Plant and machinery 1,885,241 1,463,950
Motor vehicles 136,239 47,797
2,021,480 1,511,747
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLGDIBUBGGCG
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| Date/Time | Subject | Author | ||
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| 09-01-08 | ||||
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Seen some of these machines in sites across mids. They have backing by masterfoods so range limited
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| 04-01-08 | ||||
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Saw this company in the FT. I like that it puts machines in and no cost to the recipient. It reminds me of a famous millionaire I knew in Hong Kong as a kid. Fresh thinking...and then money! Anyway...looking at it...
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