Trading Statement and profit forecast update
26th February 2016
Photo-Me International plc
("Photo-Me" or the "Group")
Profit forecast update and PMI innovation supporting identification securitisation
Further to its trading update of 8th January 2016, Photo-Me is pleased to confirm that trading in Japan during January remained strong, supported by the strong start of the "My Number" programme . For Photo-Me as a whole, Q3 turnover (at reported rates) was 11% higher with profits increased by 90%, compared to the same period last year.
The much better than expected performance in Japan coupled with the year-to-date performance in the rest of the business - where laundry continues to produce strong results -leads the Board to conclude that reported pre-tax profits for the year ending 30th April 2016 will be in excess of £40 million. If the Japanese business continues its strong performance in the final quarter, the eventual outturn for the year is likely to be in excess of this updated projection.
PMI innovation supporting identification securitisation
Photo-Me has over 22,000 photobooths worldwide and these booths are leading-edge in terms of automation and high quality facial image capture. Governments however, face an increasing challenge to implement secure ID systems using technologies like biometrics and 3D, whilst at the same time complying with the latest standards of identity assurance and privacy protection. To meet these requirements, Photo-Me has a number of initiatives underway to introduce the next generation of secure ID technology into its booths and is pleased to announce the commencement of a major initiative in France.
In 2013, the French Government created a new format driving license incorporating holographic design and a machine readable zone (similar to passports). Photomaton, the Group's French subsidiary has now obtained the first agreement with ANTS (National Agency of Secure Documents) to allow the delivery of a digitized e-photo and signature, fully compliant with the new requirements. This document is sent from the photobooths via a secure server.
All of Photo-Me's French photobooths - totalling 7,800 -will be upgraded and capable of delivering this service and the new connected secure system is being deployed nationally beginning in Paris and the Ile-de-France. Approximately 2,000 machines should be upgraded by the end of June 2016 and the balance converted progressively in the following months, with the intention to complete the rollout by the end of 2016.
This approach provides a much higher level of security to the French authorities and importantly, requires no investment from them. In addition, for the public, it simplifies the license application process and therefore is expected to be beneficial to photobooth usage and revenue.
Photo-Me will provide further details of its other initiatives undertaken in this field - including its work in Germany, Switzerland and China -at the time of its preliminary results in June 2016.
Serge Crasnianski, CEO of Photo-Me commented:
"The overall performance of the business continues to be very good and we are obviously pleased that the "My Number" programme in Japan has got off to such a strong start.
Recent events globally highlight the pressure on Governments to successfully combat ID fraud and improve security. Photo-Me has always had strong technology and is ideally placed to deliver the next generation of innovative solutions. We have already begun to work with a number of Governments to deliver improved ID capture incorporating biometry and are very excited to be announcing this major new initiative in France".
Enquiries:
Photo-Me International 01372 453 399
Gabriel Pirona
Investors
IR Focus
Neville Harris 07909 976044
Media
Madano
Matthew Moth 020 7593 4000
Notes for editors
Photo-Me (www.photo-me.co.uk) is the world's leading operator of photobooths, with more than 26,000 sited worldwide and is increasingly focused on providing technology solutions to Governments globally in the area of biometric and 3D based ID systems. Photo-Me also has a rapidly growing outdoor laundry business, branded Revolution, and also operates, sells and services a wide range of unattended instant service equipment, including digital photo kiosks.
This information is provided by RNS
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