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Photo-Me H1 pretax profit rises

By BFN News | 07:45 AM | Tuesday 10 December, 2013

Photo-Me International's H1 pretax profit rose to £23.0m, from £20.0m, while turnover slipped to £101.3m, from £107.4m. It proposed an interim dividend of 1.8p a share, from 1.5p. "The Group has again produced an excellent performance in its stronger half and delivered another record result," said chairman John Lewis in a statement. "It is very pleasing that our photobooth estate is now clearly back on a growth footing as a result of the roll-out of the new Starck-designed booths and entry into new markets, led by China," he said. While the contribution in this period was modest, the company's new Revolution laundry units were producing excellent returns and it remained excited about the future prospects. "We have made good progress on costs in past years, but this will be overshadowed by the leap forward we will take in 2014 in reducing the manufacturing costs of both our photobooths and laundry units, by outsourcing to China and Hungary respectively." "Not only does this open up the emerging markets for us, it enables us to increase manufacturing capacity with potential decrease in capital expenditure." Story provided by

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