PHTM.L Regulatory News (PHTM)

3 Feb 2009 14:07



Tuesday 3 February 2009

PHOTO-ME INTERNATIONAL PLC

Trading Statement

The Board of Photo-Me (PHTM.L), the instant service equipment group, has today reviewed its forecasts for the year to 30 April 2009 in the light of management accounts for the eight months to 31 December 2008 and of current market conditions and exchange rates. 

The deterioration in these forecasts results from three factors:

Imaging Solutions, Photo-Me's Swiss-based wholesale lab manufacturer, where the global credit crisis is having an increasingly negative effect on sales of high value equipment; 

currency, in particular the impact on the balance owed by the Company to its French subsidiaries arising from  a change in assumption as to the year end Sterling/Euro exchange rate; and 

an increase in the provision for bad debts, in the light of current uncertain economic conditions. 

Taking into account these factors, the Board's revised expectations are that the pre-tax loss for the year to 30 April 2009 will be worse than published analyst estimates.

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