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Photo-Me profits grow

By BFN News | 07:29 AM | Friday 09 March, 2012

Photo-Me said for the first nine months end-January, profitability has improved with good performance in Europe and a continued recovery in Japan. Revenue in the operations division has been at a very similar level to the same period last year and costs have been well controlled. The Sales and Servicing division has not experienced any pick up since the end of the half year and overall, customers still remain cautious. Cost reductions at KIS continue and although the sales focus going forward is being increasingly concentrated on higher margin products, the market for this, by far the smallest of the Group's divisions, continues to be challenging. Cash generation remains strong and at the end of January 2012 the net cash position had risen substantially over the last twelve months, even after paying dividends totalling £7.2m. The Board anticipates that the group will achieve market expectations for the current year and is presently well placed for the future. Story provided by

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