PHTM.L Regulatory News (PHTM)

11 Jul 2005 15:31

Photo-Me International PLC11 July 2005 PHOTO-ME INTERNATIONAL PLC Expansion of UK Kiddie Ride Activities PMI, the FTSE 250 digital imaging company, announces that it has acquiredcertain assets of R G Mitchell Limited, making it by far the UK's leadingoperator of kiddie rides, with over 5,000 sited. Serge Crasnianski, PMI's CEO, stated "As photobooths (of which PMI is by far theUK market leader, with 5,600 sited) and kiddie rides are often locatedadjacently, the acquisition will leverage off PMI's unrivalled UK maintenanceand cash collection infrastructure and its relationships with site owners." The assets acquired include 3,130 sited and 350 unsited kiddie rides, a 34,000sq ft freehold factory in Skegness, Lincolnshire, plant and equipment, andintellectual property. R G Mitchell's 80 employees have transferred to the PMI group. The consideration for the R G Mitchell assets is £3.9m in cash, of which £0.9mdeferred over three years. In May 2005, PMI acquired Jolly Roger (Amusement Rides) Limited, with its kiddieride manufacturing business, 15,000 sq ft freehold factory near Louth,Lincolnshire, and net cash balances of £1.0m. Jolly Roger's 640 sited kiddierides had been purchased previously in July 2004. The aggregate considerationfor the Jolly Roger businesses was £2.4 m. The manufacturing activities of R G Mitchell and Jolly Roger, whose premises areboth situated in Lincolnshire, will be run under common management. Kiddie Rideswill be manufactured for operation by PMI in the UK, PMI's overseas subsidiariesand third parties, primarily overseas. Notes for Editors: PMI now has over 31,000 vending machines worldwide - over four-fifths of them inthe UK, France and Japan - including approximately 20,000 photobooths. On 21 June 2005, PMI announced its results for the year ended 30 April 2005,with pre-tax profit up 62% to £34.5m - a record by a wide margin - before anexceptional charge of £0.8m and a goodwill amortisation charge of £0.7m. Enquiries: Photo-Me International 01372-453 399Vernon Sankey (Chairman)Serge Crasnianski (CEO)Robert Lowes (Company Secretary) Bankside ConsultantsCharles Ponsonby 020-7367 8851 / 07789-202 312 This information is provided by RNS The company news service from the London Stock Exchange