(Alliance News) - Photo-Me International PLC on Friday credited a recovery across most of its key markets for leading to an upgrade to annual earnings forecasts.
Better than expected trading momentum in May, June and July continued in the fourth quarter ended October 31, Photo-Me explained, driven by a continued recovery in photobooth activity and a strong Laundry performance.
Photo-Me is a Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry.
Revenue is now forecast slightly ahead of previous expectations at around GBP210 million, and pretax profit before exceptionals is expected at the upper end of previous guidance at between GBP25 million and GBP30 million.
"The group continued to see recovery across most of its key markets. Continental Europe once again performed strongly, particularly driven by strong performance in France, and the UK returned to profitability benefitting from completion of the group's previously-announced restructuring programme," the company said.
Excluding Asia, the group is making good progress in returning to pre-pandemic performance levels, the company added.
Photo-Me shares were up 6.2% to 61.61 pence in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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