(Alliance News) - Photo-Me International PLC on Monday reported a better than initially expected start to the current financial year, with a "promising" return to pre-Covid business conditions.
Photo-Me is an Epsom, Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry.
Revenue for the six months to April 30 was up 3.4% to GBP94.6 million, resulting mostly from reduced restrictions on the movement of people and customers compared with a year ago.
Photo-Me swung to a pretax profit of GBP12.0 million from the GBP24.2 million loss posted in the first half of its financial 2020.
"We have completed a multi-country restructuring programme which has radically reorganised our business areas and our country management. This includes a restructure of operations in the UK, which is expected to return to a cash positive position in the short-to-medium term," said Chief Executive & Deputy Chair Serge Crasnianski.
Photo-Me declared no payout for the half-year, unchanged year-on-year.
Going forward, the company said it intends to continue to focus on new product innovation and diversification of operations "to meet ever-changing consumer needs".
Photo-Me shares were trading 2.7% higher in London on Monday at 73.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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