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Photo-Me records a good first half

By BFN News | 08:57 AM | Monday 19 September, 2011


Photo-Me, the instant service equipment group, has issued an interim Management Statement, which covers the period from 1 May 2011 to date showing a good start to the year, with results ahead of both the comparable period last year and management's expectations for the current period. Profit before tax for the first quarter to the end of July 2011 was around one-third higher than the same period last year, driven by the Operations division which benefited from a very strong performance in its French business, Photomaton. This was down to both continued strong management, as well as the law change in France which protects the private sector's position in the provision of photos for biometric passports. The Group is anticipating that the capture of ID photos will be completely removed from town halls in France by the end of 2011. The roll-out in Europe of the new Starck photobooths is progressing according to plan and the booths are being well received. The UK launch is scheduled for November 2011. The Sales and Services division has started more slowly, but it is not a seasonal business and has the roll-out of Group's new minilab the DKS4 to handle during the year. According to the group, 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, due to the Operations division. In addition, the trading background in many markets - including the UK - remains difficult due to the global economic backdrop. At 8:57am: (LON:PHTM) Photo-Me International share price was +1.38p at 57.63p Story provided by StockMarketWire.com

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