PHTM.L Regulatory News (PHTM)

18 Sep 2009 07:00



Friday 18 September 2009 

PHOTO-ME INTERNATIONAL PLC

Interim Management Statement

Photo-Me (PHTM.L), the instant service equipment group, announces its Interim Management Statement, which covers the period from 1 May to 17 September 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules. 

In Q1, from 1 May to 31 July 2009, revenue from continuing operations and underlying pre-tax profit both increased, albeit benefiting from the weakening of Sterling against the Euro and the Yen. Net debt decreased in the quarter.

The disposal of Imaging Solutions, the Group's loss-making wholesale photo-processing labs manufacturing business, completed on 31 July 2009, having obtained shareholder approval at the previous day's EGM. Imaging Solutions was treated as a discontinued activity in the financial statements for the year to 30 April 2009.

As stated in the Preliminary Announcement of 2 July 2009, with effect from 29 June 2009, new EU passports contain biometric data. In France, state provision of on-site photography is the norm, with a minority of town halls opting out. In the UK, the private sector will provide the biometric data enrolment service. 

As previously announced, there were several Board changes in the period: 

Thierry Barel (CEO) left the Group on 3 July 2009;

Serge Crasnianski returned to the Board in a non-executive capacity on 6 May 2009, was appointed Deputy Chairman on 1 July 2009, and became Interim CEO on 3 July 2009;

Jean-Luc Peurois, a Director since 1984 and Group Finance Director since 2000, died on 5 July 2009; 

Dan David returned to the Board in a non-executive capacity on 1 July 2009; and

John Lewis was appointed Senior Independent Non-executive Director on 1 July 2009.

The Board proposes to provide a further update on trading and outlook at the Company's AGM, which will be held on 29 October 2009.

Notes for Editors:

Photo-Me pursues two principal activities: Operations (previously termed Vending) and Sales & Servicing (previously termed Manufacturing).

Within Operations, which contributes over three-quarters of Group revenue, Photo-Me has approximately 42,500 vending locations in 15 countries (principally in Europe and Asia). It is the world's leading operator of photobooths, with approximately 21,000 sited. Photo-Me also operates a diverse range of vending equipment, including digital printing kiosks, amusement machines and business service equipment. 

Sales & Servicing comprises the manufacture, sale and after-sale servicing of both the above-mentioned vending equipment and a range of photo-processing equipment, including photobook makers, digital printing kiosks and minilabs. Sales are achieved using the Group's own network and its distributors and agents throughout the world, including the USA.