3rd Apr 2019 07:56
LONDON (Alliance News) - Photo-Me International PLC said Wednesday it expects full-year profit to be lower than forecast after a "more challenging" than expected second half of the year.
For the year ending April, the photo booth operator now expects pretax profit to be "slightly" below the GBP44 million forecast previously. Net of restructuring costs for its Japan business, pretax profit is expected to be above GBP42 million.
For the year ended April 2018, Photo-Me generated GBP50.2 million in pretax profit on revenue of GBP229.8 million.
The trimming of forecasts follows what it described as "more challenging that expected" trading in the UK over the second half of the financial year. This reflected a "slowdown in consumer activity" amid uncertainty surrounding the UK's exit from the European Union.
Despite this, the firm has continued to make progress on expanding its self-service laundry operations. Photo-Me expect its laundry operations to represent an increasingly large proportion of total revenue in the future.
In its continental Europe and Asian business, the firm is continuing to experience growth in line with expectations. A "strong" performance in Japan was reported after it reorganised its operations in the country.
Photo-Me expects to reported results for the year ending April on July 9.
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