13th Jul 2020 08:55
(Alliance News) - Photo-Me International PLC on Monday announced the departure of Chief Operating Officer Eric Mergui from the company's board on Sunday.
Mergui will cease to be an employee at a future date, but no later than July 12 of next year, Photo-Me said.
The change comes after the Epsom, Surrey-based instant-service equipment firm on Tuesday last week reported a big drop in annual pretax profit. Administrative expenses nearly doubled and revenue declined as demand has suffered during the virus pandemic.
Photo-Me reported a GBP4.1 million pretax profit for its financial year ended April 30. This is about 10% of last year's GBP42.6 million profit.
Photo-Me said Monday it will provide details on a management restructure before the end of the month.
Chief Executive Officer & Deputy Chair Serge Crasnianski will assume the role of COO.
Crasnianski last Tuesday said: "The pandemic has and continues to have a significant impact on all the group's end markets, resulting in lower consumer demand. The board believes that activity levels could take some time to return to pre-Covid-19 levels.
"A thorough review of the business is underway and restructuring programmes are being implemented to better align operations to the current trading conditions. The board will provide an update on market guidance once it has more clarity around the extent and duration of the Covid-19 impact and when the outlook for the business becomes clearer."
Photo-Me International shares were down 3.4% at 53.50 pence each on Monday morning in London.
By Greg Roxburgh; [email protected]
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