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Photo-Me 9-month pretax profit up 20% year-year

By BFN News | 07:32 AM | Thursday 06 March, 2014


Photo-Me International said in the first nine months of the year to date it has made strong progress with a pretax profit of about 20% more than a year ago. It said while the group's third quarter from November to January was traditionally the slowest quarter of the year because of seasonal trading patterns, overall profitability in this period has been over 80% higher in sterling terms (100% at constant exchange rates) than for the same three-month period last year. Revenue in the Operations division was marginally ahead of the same period last year. Profitability in this division had again shown a strong improvement, as a result of a good performance in France and a very strong performance in Japan, alongside lower manufacturing costs. As expected, Photo-Me's Sales and Servicing division again had lower turnover, with its activities now at a much lower level following an extensive period of restructuring. "However, the division's costs have been dramatically reduced and it is no longer loss-making helped by profits from sales of our laundry units," the company said. "The Board believes that the Group is strongly placed to benefit from the future growth in its laundry business and in its newer photobooth markets." Story provided by StockMarketWire.com

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