12 Sep 2014 07:00
12 September 2014
Photo-Me International plc
("Photo-Me" or the "Group")
Interim Management Statement
Promising start to the financial period
Photo-Me (PHTM.L), the instant service equipment group, is today issuing its Interim Management Statement, which covers the period from 1 May 2014 to date.
The Group is pleased to report that the momentum seen in the business last year has continued, with an increase in profitability in the year to date, in line with the Group's expectations.
For the period in question compared with the same period last year profitability improved in all three geographic regions, with an outstanding performance in Asia, where profits increased by approximately 50%, and very good growth of over 15% in both the UK & Ireland and Europe.
At constant rates of exchange, the Group increased profits by around 25% on a small improvement in turnover. The relative strength of sterling against the euro and yen continued to have a negative effect and reduced Group results by around 5% on turnover and profits.
The Group's photobooth business continues to perform well. Importantly, the Group has made further good progress on the expansion of its laundry business. The manufacturing facility in Hungary is working well and the expected increase in production remains on schedule. In the two main countries to date, France and Belgium, the Group has continued to see revenue increase for laundry machines sited for at least one year and results from the newly launched countries have been promising. The order book remains strong.
The Group's net cash position - after the payment in May of the previously announced special dividend and the Group's interim dividend, together totalling £14 million, as well as ongoing investment in the laundry business - remains very strong at over £55 million, little different from the position at the same stage last year.
The Group has begun the year very well and remains confident for the outlook for the full year.
The Board will provide a further brief update on trading and outlook at the time of Photo-Me's AGM on 23 October 2014.
Further enquiries:
Photo-Me International
Françoise Coutaz-Replan 01372 455625
Media:
Madano Partnership
Matthew Moth/Julien Cozens 020 7593 4000
Investors:
IR Focus
Neville Harris 07909 976044
Notes for editors:
The principal activity of Photo-Me (www.photo-me.co.uk) is the ownership and operation of unattended vending equipment. This comprises photobooths, laundry machines, digital printing kiosks, amusement machines and business service equipment. With over 25,000 sited in Europe and Asia, Photo-Me is the world's leading operator of photobooths.
Photo-Me also has a business responsible for the development, manufacture, sale and after-sale servicing of this Operations equipment and a range of photo-processing equipment, including photobook makers, kiosks and minilabs, together with the servicing of third party equipment.