17th Mar 2020 17:38
(Alliance News) -Â Photo-Me International PLC on Tuesday said Covid-19 will have a "significant impact" on financial performance, though it is too early to quantify.
"The scale of the spread of Covid-19 is impacting all our end markets. The recent actions taken by governments to control the outbreak has significantly disrupted our operations, with field engineers unable to visit machines in many locations, whilst we have also seen reduced customer activity across all of our vending estate," said Photo-Me.
There remains "continued uncertainty" as to the extent and duration of the virus.
"Whilst Covid-19 will have a significant impact on the financial performance of the group, it remains too early to quantify the likely overall impact on the group at this time," the company said.
The photobooths operator did, though, confirm the group traded in line with board expectations from the start of the current financial year to the end of February.
Photo-Me stressed it has a "strong balance sheet" and continues to review its cash position and near-term dividend policy.
Shares closed down 20% at 55.80 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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