8 Jul 2019 07:00
8 July 2019
Photo-Me International plc
("Photo-Me" or "the Group")
Delay in publishing accounts
The Board of Photo-Me International plc (LSE: PHTM) announces that the publication of the Group's accounts for the year ended 30 April 2019 will be delayed beyond 9 July 2019, the date previously announced as the date of their publication. This is due to the time needed by the Group's new auditor, Grant Thornton (UK) LLP, to complete its work, together with the recent introduction by the auditor of enhanced internal regulatory scrutiny.
The Board believes the accounts to be substantially complete. Furthermore, to date, the auditor has not raised any material issues in relation to Photo-Me's accounts. The Board is therefore confident that the Group will report audited results for 2019 in line with current market expectations and the guidance provided in the announcement of 3 April 2019.
Naturally the Board is disappointed by the delay. However, it emphasises that this delay relates solely to the additional level of scrutiny required by the auditor's internal regulatory sign-off formalities.
The Board now expects that the audited results will be published by 23 July 2019.
Enquiries:
Photo-Me International plc | +44 (0) 1372 453 399 / ir@photo-me.co.uk |
Hudson Sandler | +44 (0) 20 7796 4133 |
Wendy Baker/ Emily Dillon/ Nick Moore | photo-me@hudsonsandler.com |
NOTES TO EDITORS
Photo-Me International plc (LSE: PHTM) operates, sells and services a wide range of instant-service vending equipment, primarily aimed at the consumer market.
The Group operates approximately 47,000 vending units across 18 countries and its technological innovation is focused on three principal areas:
· Identification: photobooths and integrated biometric identification solutions
· Laundry: unattended laundry services, launderettes, B2B services
· Kiosks: high-quality digital printing
The Group entered the self-service fresh fruit juice equipment market in April 2019, with the acquisition of SEMPA Sarl. This will become a key business area alongside Identification, Laundry and Kiosks, and will be a significant part of the Group's future growth strategy.
In addition, the Group operates vending equipment such as children's rides, amusement machines and business service equipment.
Whilst the Group both sells and services this equipment, the vast majority of units are operated and maintained by Photo-Me. Photo-Me pays the site owner a commission based on turnover, which varies depending on the country and location of the machine.
The Group has built long-term relationships with major site owners and its equipment is generally sited in prime locations in areas of high footfall such as supermarkets, shopping malls (indoors and outdoors) and public transport venues. The equipment is maintained and serviced by an established network of 700 field engineers.
The Company's shares have been listed on the London Stock Exchange since 1962.