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Photo-Me International profit rises

By BFN News | 07:34 AM | Monday 11 December, 2017


Photo-Me International booked a rise in first-half profit driven by higher sales in its laundry services division and favorable currency movements. Pre-tax profit rose by 6.1% to £32.9m, or 3.1% on a constant currency basis, as revenue rose by 10.5% to £122.2m. The company, which also provides photo booths, declared an interim dividend of 3.71p per share, up 20.1%. Laundry remained a primary growth driver for the group, with revenue in that division jumping 75% to £17.3m. Photo-Me said it would take a £2.0m restructuring charge in its digital printing business, as it closes manned retail outlets and replaces them with unattended automated services. Of the total charge, £0.9m has been accounted for in the period ended October 31. "In the first half, further excellent progress was achieved in the deployment of laundry operations, a key growth driver for the group," chief executive Serge Crasnianski said. "As a result, the board anticipates that laundry revenue will become an increasing proportion of total group revenue as we get closer to achieving our mid-term deployment targets." Story provided by StockMarketWire.com

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