Warning but Snoozebox remains upbeat

Snoozebox is hoping the Silverstone Grand Prix and Glastonbury Festival will stop investors losing sleep over its profits, after the portable hotels company warned it would miss analysts' expectations for 2012.

The group, which makes prefab hotel rooms that can be transported to festivals and events, said it expects revenues for the year ending 31 December to be £3.78m, below analysts' expectations of about £5m. Shares in Snoozebox fell 11 per cent to 57p.

Snoozebox blamed the fall in revenues on an accounting technicality affecting the recording of income.

But it was upbeat about prospects for 2013, saying it had "a strong pipeline" of jobs. It said last week that it had secured a £3.8m contract to supply 170 cabins for the G8 Summit in Northern Ireland in June.

Snoozebox will also supply accommodation for this year's Silverstone Grand Prix, the Goodwood Festival of Speed and Glastonbury Festival. It said it will report full annual results by the end of the week.