PHTM.L Regulatory News (PHTM)

20 Sep 2006 12:00

Photo-Me International PLC20 September 2006 PHOTO-ME INTERNATIONAL PLC AGM Statement re Current Trading and Strategic Review Update At the start of today's AGM of PMI, the FTSE 250 digital imaging company, theChairman, Vernon Sankey, will make the following statement: Current Trading Trading in the first quarter (traditionally, the least active quarter) of thecurrent financial year to 30 April 2007 has continued to reflect the factorshighlighted in the "Outlook" section of my Statement within the Annual Report2006. The Vending Division, which last year increased its profit, has made a solidstart to the year. The continuing roll-out of digital kiosks, mainly in Franceand Switzerland, is delivering encouraging returns. The Manufacturing Division, which last year reduced its profit, remainsdifficult to predict, despite a satisfactory start to the year by the ImagingSolutions wholesale lab business. As forecast in the Preliminary Announcement of6 July 2006, the transition in PMI's minilab business between its secondgeneration DKS 15xx series and its third generation DKS 3 series will have asignificant adverse impact on first half sales, especially as volume productionof the DKS 3 is running slightly behind schedule. The second half is expected tobenefit substantially from growing sales of the DKS 3, which has been wellreceived, and, in particular, from the securing of certain new, large contracts,currently under negotiation. More generally, the minilab market remains in fluxsubsequent to the reorganisation of the industry over the past two years. We arecontinuing to evaluate a number of opportunities for new product developments inboth the wholesale lab and minilab business. Having regard to the above, PMI's recent trend towards a second half weightingis likely to be accentuated in the current year. Strategic Review Update In June 2006, in response to press speculation, PMI confirmed that it had beenconducting a strategic review which may or may not lead to an offer being madefor the Company. This process is still ongoing and shareholders will be informedof significant developments, as appropriate. Notes for Editors: In the year to 30 April 2006, PMI reported revenue of £230.0m and a pre-taxprofit of £28.5m. If the £2.2m net exceptional credit is excluded, EBITDA was£53.3m and pre-tax profit amounted to £26.2m. Enquiries: Photo-Me International 01372-453 399 Vernon Sankey (Chairman) JPMorgan Cazenove 020-7588 2828 Malcolm Moir Bankside Consultants Charles Ponsonby 020-7367 8851/ mb: 07789-202 312 This information is provided by RNS The company news service from the London Stock Exchange