10th Dec 2015 08:15
LONDON (Alliance News) - Photo-Me International PLC Thursday expressed confidence in its outlook and increased its interim dividend, as it reported a fall in pretax profit for its first half.
Photo-Me makes instant service equipment, such as photo booths and laundry machines.
For the half year to end-October the company made a pretax profit of GBP25.8 million, down from GBP28.8 million a year before, as revenue declined to GBP92.8 million from GBP96.4 million. Revenue growth was restrained by the strength of sterling, and at constant currency revenue rose 2.4% to GBP98.7 million.
At the end of the period the company's estate of equipment was 45,241 units, up from 44,306 a year before.
The company proposed an interim dividend of 2.575 pence, up 10% from 2.35p.
"Photo-Me has struggled to grow its revenue in recent years and the 2.4% increase in constant currency revenue this half-year represents a real step change. While we are continuing to see a good trading performance in Japan, more importantly - and as we had anticipated - our growing laundry business is increasingly having a positive impact," said Non-Executive Chairman John Lewis in a statement.
"The board remains confident for the outlook of the business over the rest of the year and remains optimistic about future prospects," Lewis added.
Shares in Photo-Me were down 2.4% at 151.75 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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