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Photo-Me makes good start to its financial year

By BFN News | 12:06 PM | Thursday 06 October, 2011


Photo-Me, the instant service equipment group, says that its long term prospects remain sound despite testing market conditions. John Lewis, Chairman, has commented on trading since May 1 2011. He said: "The Group has had a good start to the year, particularly in the Operations division where results are ahead of both the comparable period last year and management's expectations for the current period. "This has been led by Continental Europe, but we are also pleased to note that the Japanese business has begun to recover from the after effects of the earthquake earlier this year. In the UK and Ireland, trading is more mixed, reflecting the difficult general economic environment. "The Sales and Servicing division, which now accounts for less than 20 per cent of the Group's turnover, has started the year very slowly and is not generating the expected contribution. Sales of the Group's new minilab, the DKS4, have now started - in low numbers, and we hope to see a more significant progression in the first months of 2012. "The Group will continue to focus on the introduction of new products - like the DKS4 minilab and the new Starck photobooth - combined with strong management of the existing portfolio, to achieve its objectives. "While the performance to date should not be taken as a guide for the year as a whole, because the Group generally enjoys much stronger trading in the first half compared to the second half, the Board is pleased with the performance so far this year, in testing market conditions, and continues to believe that the Group's long term prospects remain sound, supported by a significant net cash balance." At 12:06pm: (LON:PHTM) Photo-Me International share price was -1.25p at 45p Story provided by StockMarketWire.com

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