Photo-Me International PLC Sale of Investment (7529A)

TIDMPHTM

RNS Number : 7529A

Photo-Me International PLC

14 September 2018

14 September 2018

Photo-Me International plc

("the Group")

Sale of Investment

Photo-Me (PHTM.L), the instant-service equipment group, announces that it has completed the sale of its 50% stake in Stilla Technologies SA, a Paris-based European Biotechnology company.

The holding, which was acquired by Photo-Me for a total of EUR1.5 million between April 2015 and October 2016, has been sold for a consideration of EUR5.0 million. In addition, current accounts and loans between the Group and Stilla have been fully reimbursed for a total of EUR2.049 million.

Consequently, the Group's profit on sale of the investment is EUR3.5 million and the total additional cash to the Group, including repayment of current accounts and loans, is EUR7.049 million.

Proceeds from the sale will be invested in the Group's core business to fund its ongoing growth strategy, which is primarily focused on accelerating the widescale rollout of its Laundry business.

Enquiries:

 
 Photo-Me International                               [phone] 
 Stephane Gibon, Group Chief Financial Officer        [e-mail] 
 Fiona Bird, Investor Relations and International 
  Tax Manager 
 
 Hudson Sandler                                       [phone] 
 Wendy Baker/Emily Dillon                             [e-mail] 
 

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 approximately 47,000 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 

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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September 14, 2018 02:00 ET (06:00 GMT)