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29 Oct 2008 12:00
Wednesday 29 October 2008
PHOTO-ME INTERNATIONAL PLC
Chairman's AGM Statement
"Reasonable progress"
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 has made reasonable progress in the current year to 30 April 2009, despite difficult market conditions.
Revenue in Sterling increased in the first five months of the year over that for the corresponding period last year as a result of the strength of the Euro, Swiss Franc and Yen.
In the absence of a major capital expenditure programme, Photo-Me has been strongly cash generative. Reflecting this, as planned, net debt of £45.5m at 30 April 2008 had reduced by one-third at 30 September 2008.
The Board expects to announce Photo-Me's results for the half year to 31 October 2008 in mid-December 2008."
Notes for Editors:
Photo-Me operates, sells and services instant service equipment, both within and, increasingly, outside its historic photographic specialism.
Photo-Me has approximately 43,000 vending locations worldwide. It is the world's leading operator of photobooths, with approximately 21,500 sited, and operates a diverse range of vending equipment, including digital printing kiosks, children's rides, photocopiers and card printing machines.
Photo-Me manufactures, mainly through sub-contractors in low-cost territories, a unique and complete range of photo-processing equipment, covering all market segments.
Website: www.photo-me.co.uk
Enquiries:
Photo-Me International 01372-455 399
Hugo Swire
(Chairman)
Bankside Consultants
Charles Ponsonby 020-7367 8851/07789-202 312
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