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Photo-Me International reports resilient first half results

By BFN News | 07:58 AM | Thursday 08 December, 2011

Photo-Me (LON:PHTM), the instant service equipment group, announced resilient results for the six months to 31 October 2011. Although revenues fell 2.3% to £115.6 million, pre-tax profits were up 21.6% to £17 million. Earnings per share increased nearly 40% to 3.23p. Net Cash increased £10.4 million to £51.1 million. The group increased the interim dividend 25% from 1p to 1.25p. John Lewis, Non-Executive Chairman, said: "This has been a very good half year for the Group with an extremely resilient performance in the Operations division, led by France. In the current environment, a rise in profits of over 20% is a real achievement and testimony to the management strength in a number of key markets. The Sales and Servicing division has experienced caution from certain large customers who have re-scheduled their deliveries and delayed orders which had been expected in August and which has translated into difficult trading. Accordingly, we are taking the opportunity to press ahead with further restructuring. "The Group's cash generation was again strong and the net cash position at the end of October was £51.1million, an increase of more than £10 million during the half year. This enables us to declare an interim dividend of 1.25p per share, a 25% increase on the same period last year. "As we have commented before, the first half is always the stronger for Photo-Me in terms of profits and we expect this certainly to be the case again. Despite the economic climate, which remains difficult, the Board remains confident that, given that the level of profit in the first half was close to matching the level for the whole of the previous year, market expectations will be achieved for the full year." Story provided by

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