Trading Update & Update re Annual Results
9 February 2022
Photo-Me International plc
("Photo-Me" or "the Group")
Q1 Trading Update & Update re Annual Results (Change of Date)
Photo-Me International plc (PHTM.L), the instant-service equipment group, provides an update on trading during the first quarter of the financial year to 31 October 2022 ("FY22"). The Board also announces that it now intends to announce its results for the financial year ended 31 October 2021 in the second half of March 2022.
The Board reports that the previously described recovery in its key markets has continued through the first quarter of FY22, meaning the Group's trading performance has exceeded the Board's previous expectations for that period. This outperformance has been driven, in part, by the impact of the Group reorganisation undertaken by management over the past year, including the hiring of a number of new Senior Managers who have been successful in driving the commercial performance of the business.
Trading during the period to date is encouraging, although the Board notes that the first quarter is typically the quietest trading quarter in each financial year and hence is mindful that the Group's strongest seasonal trading periods are still to come. Further, there has been an improvement in the Group's trading environment following announcements regarding the progressive relaxation of COVID-19 restrictions in certain of the Group's key trading jurisdictions that were made over the course of January and February 2022. The Board therefore now considers it likely that the Group's performance for the year ending 31 October 2022 will exceed its previous expectations, assuming COVID-19 related restrictions are not reimposed.
The Board looks forward to providing further guidance on full year FY22 expectations later in the financial year.
In addition to the above, following agreement with its auditor, Mazars LLP, the Group now intends to announce its results for the financial year ended 31 October 2021 in the second half of March 2022 (previously 23 February 2022). The change of date is due to the slowdown in both the financial year-end closing process and the audit of the 2021 Annual Report and Accounts due to COVID-19 related restrictions since the end of the financial year.
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.
There are no matters in connection with the reporting process or the audit which, in the view of the Board, need to be brought to the attention of shareholders.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
END
Enquiries:
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Photo-Me International plc |
Tel: + 44 (0) 1372 453 399 |
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Email: ir@photo-me.co.uk
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|
Hudson Sandler |
Tel: +44 (0) 20 7796 4133 |
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Wendy Baker/Charlotte Cobb/Nick Moore |
Email: photo-me@hudsonsandler.com |
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 20 countries and its technological innovation is focused on four principal areas:
· Photo.ME - Photobooths and integrated biometric identification solutions
· Wash.ME - Unattended laundry services, launderettes, B2B services
· Print.ME - High-quality digital printing kiosks
· Feed.ME - Vending equipment for the food service market
The Group entered the self-service fresh fruit juice equipment market in April 2019, with the acquisition of Sempa, the self-service food equipment will become a key business area alongside Identification, Laundry, and Kiosks, and will be a significant part of the Group's future growth strategy.
In addition, the Group operates other 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 owned, operated and maintained by Photo-Me. Photo-Me pays the site owner a commission based on turnover, which varies depending on the country, location and the type 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), public transport hubs, and administration buildings (City Halls, Police etc.). Equipment is maintained and serviced by an established network of 650 field engineers.
The Company's shares have been listed on the London Stock Exchange since 1962.
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