Information  X 
Enter a valid email address

Photo-Me says growth in laundry unit offsetting weakness in identification

By BFN News | 07:46 AM | Monday 28 October, 2019


Photo booth and laundry service provider Photo-Me International said it expected to perform in line with expectations, as weakness at its identify unit was offset by growth at its laundry business. In the five months from May to September, the company said revenue in its identity business had fallen 3.8%, reflecting weakness in the UK. 'This has been due to continued uncertainty around the UK's European Union exit negotiations, leading to lower consumer activity, and the UK government's decision to allow for photos taken on a smart device or camera at home to be used for passport photo identification,' PhotoMe said. Revenue in the laundry division had risen 23%. 'As anticipated, year-on-year, the laundry business has continued to contribute an increasing proportion of the group's revenue and profits,' the company said. The kiosk business, meanwhile, had continued to perform as expected, while the newly-created food unit had also performed in line with expectations. 'While consumer uncertainty continues to weigh on our business in the UK, we remain confident that overall the group will continue to perform well, and in line with market expectations in the current financial year,' PhotoMe said. Story provided by StockMarketWire.com

a d v e r t i s e m e n t