PHTM.L Regulatory News (PHTM)

18 Mar 2008 07:00

Photo-Me International PLC18 March 2008 PHOTO-ME INTERNATIONAL PLC Interim Management Statement Photo-Me (PHTM.L), the digital imaging company, announces its Interim ManagementStatement in respect of the period from 1 November 2007. The third quarter of the year, covering the period from 1 November to 31January, is historically the quietest quarter, contributing negatively to theGroup's annual result. Relative to the corresponding period of the previous year, unaudited revenue forthe three months to 31 January 2008 increased by 6% (Vending 7% andManufacturing 3%). On a like-for-like basis, at constant exchange rates andexcluding (small) acquisitions and disposals, the reduction in Group revenue was1%. This is the net of a 6% increase for Vending and a 15% reduction forManufacturing. On a like-for-like basis, Vending revenue increased in two of theGroup's three largest markets of France and the UK & Republic of Ireland, andfell slightly in Japan. The decline in Manufacturing revenue derived from boththe Imaging Solutions wholesale lab business and the KIS minilab business. Relative to the corresponding period of the previous year, unaudited revenue forthe nine months to 31 January 2008 is down 1%. This is the net of a 1% increasefor Vending and a 5% decrease for Manufacturing. On a like-for-like basis,revenue has decreased by 2% (Vending - increase 1%, Manufacturing - decrease11%). As a result of pressures on gross margins, the pre-tax profit (disregardingexceptional items and a business discontinued in April 2007) for the nine monthsto 31 January 2008 is very significantly lower than that for the comparativeperiod to 31 January 2007. However, Vending EBITDA remains substantial. TheTrading Statement issued on 7 March 2008 stated that, at the end of the thirdquarter, unaudited revenue and pre-tax profit were behind the Board'sexpectations. At 31 January 2008, net debt totalled £47.7m. This compared with net debt of£33.6m at 31 October 2007. The increased indebtedness reflects, in the main, thepayment of the final dividend of £5.0m on 2 November 2007 together with furthersubstantial investment in photobooths. The upgrading of the photobooth estate isnow almost complete. Since 1 November 2007, the following Board changes have taken place. On 30November 2007, Serge Crasnianski resigned as Group CEO, being replaced byThierry Barel. On 13 December 2007, Serge Crasnianski resigned as a Director. On14 December 2007, Thierry Barel was appointed a Director. On 31 December 2007,Dan David resigned as a non-executive Director. On 25 February 2008, Jean-LucPeurois (Group Finance Director) was granted medical leave of absence for somemonths, during which time Simon Poulton will act as Interim Group FinanceDirector. Prospects for the year to 30 April 2008 remain as set out in the TradingStatement of 7 March 2008, with the Board continuing to believe that the Groupis unlikely to make a pre-tax profit (before exceptional charges) for the year. Enquiries: Photo-Me International 01372-453 399 David Young (Chairman) Thierry Barel (Group CEO) Simon Poulton (Interim Group Finance Director) Bankside Consultants Charles Ponsonby 020-7367 8851 / 07789-202 312 This information is provided by RNS The company news service from the London Stock Exchange