Photo-Me International PLC AGM Statement (0565N)

TIDMPHTM

RNS Number : 0565N

Photo-Me International PLC

20 October 2016

20(th) October 2016

Photo-Me International plc

("Photo-Me" or the "Group")

AGM Statement

Photo-Me (PHTM.L), the instant service equipment group, holds its AGM at 12.00 noon today. The following statement covering trading in the first four months of its financial year will be issued at the meeting.

The Group is pleased to report that good progress is being made in the year to date. Turnover in the first four months improved by 18% and pretax profits were 14% higher compared to the same period last year, reflecting the investment programme and favorable currency movements.

Overall, the photobooth and laundry businesses are performing well.

PMI has successfully rolled out the ANTS upgrade of all photobooths in France to enable the transmission of data directly from the point of capture to the administration databases.

The Laundry business has made significant progress with turnover increasing by 192% in the first four months compared with the same period last year, due to both the increased number of machines and revenue per machine. The Group is now accelerating its expansion in the town centres through the roll-out of its new laundry shops concept, in particular in France, Belgium and Spain.

The Group also currently expects the recently announced acquisition of the Asda units to be completing around the end of this month.

The Group's cash generation remains very strong, trending ahead of last year's performance and this continues to support our progressive dividend policy.

The Board remains confident in the business performance for the year and a further update on trading and outlook will be provided at the time of Photo-Me's half-year results announcement in December 2016.

 
 Enquiries: 
                                        01372 453 
 Photo-Me International                  399 
 Gabriel Pirona 
 
 Media 
 Madano Partnership 
 Matthew Moth / Kimberley Richardson    020 7593 4000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMPGGQCUUPQURU

(END) Dow Jones Newswires

October 20, 2016 04:50 ET (08:50 GMT)