Uvenco Uk Regulatory News (UVEN)

SnackTime plc

("Snacktime" or the "Company")

24 September 2012

AGM Statement

At its annual general meeting to be held later today, Jeremy Hamer, Executive Chairman of SnackTime plc, will make the following statement: -

"Since reporting its final results for the year ended 31 March 2012 on 16th July 2012, SnackTime has implemented cost savings that will reduce operating costs in the second half of the current financial year by at least £250,000 although having little impact on the first half. As forecast trading in the second quarter has been adversely affected by a combination of the long 'sporting summer' in the UK and the economic slowdown. The timing of these two factors will result in an EBITDA before exceptionals in the six months to September 2012 of at least £300,000 a little ahead of the previous six months (H2 2012: £260K). It is our intention to write-off all the exceptional expenditure incurred in achieving the cost savings mentioned above when we announce the interim results on 22nd November 2012.

Progress continues in a number of areas:-

·; The operated vending estate, which had been in decline since the Vendia acquisition in September 2010, is now showing signs of stabilising as the reshaped sales forces in both VMI and Simply Drinks begin to impact the net estate numbers and both customer service and customer retention improve.

·; The roll-out of handheld data capture devices to our operators and merchandisers is approaching completion in the two vending companies and we are in the process of implementing the same within the Snack in the Box franchise division. The data captured now gives us the opportunity to reconcile cash and stock, as well as take action on low revenue machines.

·; A broad range of price increases have been introduced during the first half of the year whilst, at least over the last 6 months, purchase prices have been stable.

·; Sales of new franchises were slow during the summer but there are a number of opportunities in the pipeline and 3 new sales are expected to complete in September.

·; Drinkmaster continues to deliver a consistent profit in line with our expectations although it is now at full capacity on its main production line.

·; The continual review of our operator routes and the process of 'right-sizing' is continuing to highlight opportunities to lower our operating costs.

·; The Company has given notice to vacate its head office in Wokingham, which will close by Christmas, the Warrington depot closed in August and one of our Corby warehouses is in the process of being put up for letting. The few remaining SnackTime plc central functions staff will be absorbed into the existing operating companies.

·; The senior management team and finance function have been reshaped with an annualised cost saving of £300,000 and all PLC Board members have agreed to a reduction in remuneration.

The headroom on our banking facilities on 21st September stood at £1.1m. The financial turnaround of the Group has begun and with the continuing support of our bank, we look forward to reporting further progress at the time of our interim results announcement on 22nd November 2012."

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