Delay in publishing accounts
Photo-Me International plc
("Photo-Me" or "the Group")
Delay in publishing accounts
The Board of Photo-Me (LSE: PHTM) announces that following consultation with its auditor, Mazars LLP, the release of the Group's results for the 18-month period ended 31 October 2020 will be postponed until 10 March 2021.
This postponement is solely due to the challenges in preparing and auditing the accounts posed by the ongoing COVID-19 pandemic, and in particular the recent restrictive lock down measures imposed by the governments of those several countries in which the Group operates. The revised timing of the results will also give the Board additional time to assess the impact of the latest restrictions and enable it to provide the clearest possible guidance to the Group's shareholders on likely future financial performance.
In delaying publication, the Board relies on the Statement of Policy issued by the FCA on 5 November 2020 which extended the period during which certain companies can publish their annual financial reports after the deadline of four months from their financial year end as long as they are published within six months from that date.
The Board expects that the Group will report audited results for 2020 in line with current market guidance provided in the Group's announcement of 9 December 2020.
END
Enquiries:
|
Photo-Me International plc |
+ 44 (0) 1372 453 399 / ir@photo-me.co.uk
|
|
Hudson Sandler |
+44 (0) 20 7796 4133 |
|
Wendy Baker/ Emily Dillon/ Nick Moore |
NOTES TO EDITORS
Photo-Me International plc (LSE: PHTM) operates, sells and services a wide range of instant-service vending equipment, primarily aimed at the consumer market.
The Group operates vending units across 18 countries and its technological innovation is focused on three principal areas:
· Identification: photobooths and integrated biometric identification solutions
· Laundry: unattended laundry services, launderettes, B2B services
· Kiosks: high-quality digital printing
The Group entered the self-service fresh fruit juice equipment market in April 2019, with the acquisition of Sempa. This will become a key business area ('KIS Food') alongside Identification, Laundry and Kiosks, and will be a significant part of the Group's future growth strategy.
In addition, the Group operates vending equipment such as children's rides, amusement machines and business service equipment.
Whilst the Group both sells and services this equipment, the vast majority of units are operated and maintained by Photo-Me. Photo-Me pays the site owner a commission based on turnover, which varies depending on the country and location of the machine.
The Group has built long-term relationships with major site owners and its equipment is generally sited in prime locations in areas of high footfall such as supermarkets, shopping malls (indoors and outdoors) and public transport venues. The equipment is maintained and serviced by an established network of 700 field engineers.
The Company's shares have been listed on the London Stock Exchange since 1962.
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