21 Oct 2015 11:15
Photo-Me International plc
("Photo-Me" or the "Group")
AGM Statement
Continuation of solid growth trends
Photo-Me (PHTM.L), the instant service equipment group, holds its AGM at 12.00 noon today. The following statement covering trading in the first four months of its financial year will be issued at the meeting.
The Group is pleased to report that further good operational progress has been made in the year to date. Turnover in the first four months improved by 4.4% at constant rate of exchange compared with the same period last year, and pre-tax profits (also at constant rates) are over 10% ahead. Currency movements have hindered the underlying performance, as had been anticipated in the Group's projections. The Board therefore remains confident of the outlook for the full year.
The Group's core Photobooth business is performing well, with continued overall growth - noticeably in Japan ahead of the new ID card legislation next year.
The expansion of the laundry business in Europe is increasingly contributing to the financial performance of the business. In France alone, over 1,000 units have been deployed, delivering a very encouraging performance with the more established units continuing to deliver year-on-year revenue increases. In other countries, like Ireland and Portugal, the laundry business was only launched respectively in September 2013 and May 2014. It now represents some 50% of recent months' revenues in these countries, confirming the product's growth potential. The laundry roll-out overall continues in accordance with our stated plan.
In line with its innovative strategy to introduce new products leveraging Photo-Me's relationships with retailers and its operational expertise, Photo-Me and Kärcher, one of the market leaders in cleaning technology, have agreed a three-year period of exclusivity for carwash systems in the retail market in France with the initial focus on large supermarkets. Since the signature of the partnership in August 2015, 4 Kärcher units have been deployed. Those units are performing well and after investing in some 40 further units in the coming year, the Group will re-assess the opportunity for further expansion at the end of 2016.
The Group's cash generation remains very strong, trending ahead of last year's performance and this continues to support our progressive dividend policy.
The Board will provide a further update on trading and outlook at the time of Photo-Me's half-year results announcement in December 2015.
Further enquiries
Photo-Me
Gabriel Pirona 01372 455368
Media
Madano Partnership
Matthew Moth/Julien Cozens 020 7593 4000
Investors
IR Focus
Neville Harris 07909 976044
Notes for editors:
Photo-Me (www.photo-me.co.uk) operates, sells and services a wide range of unattended instant service equipment, in particular photobooths, digital photo kiosks, photobook makers, amusement machines, business service equipment and laundry machines. Photo-Me is the world's leading operator of photobooths, with more than 26,000 sited worldwide.