PHTM.L Regulatory News (PHTM)

29 Oct 2009 09:34



Thursday 29 October 2009

PHOTO-ME INTERNATIONAL PLC

Chairman's AGM Statement

At the start of today's AGM of Photo-Me (PHTM.L), the instant service equipment group, the Chairman, Hugo Swire, will make the following statement: 

"Photo-Me is well-placed to achieve the Board's expectations for the year to 30 April 2010.

For the five months to 30 September 2009 relative to the comparable period of the previous year, revenue was up 8% in Sterling terms but 3% lower when expressed at constant exchange rates, reflecting the weakness of Sterling against the Yen and the Euro. Profit before exceptional items and tax increased. 

At constant exchange rates, Operations revenue was slightly up in France, but slightly down in the UK & Ireland and down somewhat more in Japan. The increase in Operations revenue in France is particularly gratifying, taking into account the introduction, with effect from 29 June 2009, of state-controlled passport photography, subject to opt-out by individual town halls.

Operations, much the larger of Photo-Me's two activities, is highly cash generative and a very substantial reduction in net debt, relative to the £26.1m balance on continuing activities as at 30 April 2009, is anticipated as at both 31 October 2009 and 30 April 2010, the half year end and year end respectively. 

The Board proposes to announce Photo-Me's results for the half year to 31 October 2009 in early/mid December 2009."

Notes for Editors: 

Photo-Me pursues two principal activities: Operations (previously termed Vending) and Sales & Servicing (previously termed Manufacturing).

Within Operations, which contributes over three-quarters of Group revenue, Photo-Me has approximately 42,500 vending locations in 15 countries (principally in Europe and Asia). It is the world's leading operator of photobooths, with approximately 21,000 sited. Photo-Me also operates a diverse range of vending equipment, including digital printing kiosks, amusement machines and business service equipment. 

Sales & Servicing comprises the manufacture, sale and after-sale servicing of both the above-mentioned vending equipment and a range of photo-processing equipment, including photobook makers, digital printing kiosks and minilabs. Sales are achieved using the Group's own network and its distributors and agents throughout the world, including the USA.

Website: www.photo-me.co.uk

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