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Photo-Me progresses

By BFN News | 07:42 AM | Wednesday 29 June, 2011

Photo-Me International said this morning that its turnover was down 1.2% at £219.8m in the year to end-April, but adjusted pre-tax profit of £18m, was up 28.3%. A 22.1% increase in adjusted operating profit was driven principally by a strong performance in the Operations division. Adjusted EBITDA increased by 7.5% to £47.6m. There was a further significant improvement in the net cash position to £40.7m (including advance rental receipts of £8.2m on an investment property) Photo-Me announced an increase of 60% in the dividend to 2p per share. John Lewis, Non-Executive Chairman, said; 'It is pleasing to report another year of steady progress. We have continued to improve our financial results thanks to a robust performance from our Operations division in our key geographic markets. Cash generation has remained strong and we finished the year with a net cash balance of £40.7m, leaving the Group well placed for the future. Having reintroduced a dividend last year, we are in a position to fund a material increase and we are pleased to be recommending a final dividend of 1.0 pence to give a total dividend for the year of 2.0 pence, representing an increase of 60% over the year. 'The strategy of the business has continued to focus on the development of innovative complementary products that build upon the strength of the ID photobooth business and offer diversified revenue and profit streams for the future. Progress has been made this year with the first material orders for our award winning Photobook Maker. We are also expanding the Photobook Maker range to incorporate inkjet technology, with the potential of significant business with major players in this area, further strengthening our position as market leader in the field of instant photobooks. We have also launched in France our next generation photobooth - the Photobooth by Starck - which we believe will progressively refresh the marketplace, and we have further new products under development which bodes well for the future. 'Subject to the risks and uncertainties detailed in the business and financial review, the Board once again looks forward to an improved financial performance over the coming year.' Story provided by

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