28th Oct 2019 08:51
(Alliance News) - Photo-Me International PLC said Monday its overall trading has been in line with expectations, despite challenging trading conditions in the identification division in the UK.
The Epson, UK-based company said total identification revenue declined 3.8% in the period from May 1 to September 30, reflecting the decrease in the photobooth market in the UK. Meanwhile, excluding the UK, revenue was stable, rising 0.2% year-on-year, driven by a solid performance in France and Japan.
The company said its laundry service revenue grew 23%. This has been a key driver of growth for the group, it noted, with 50 new machines per month being built in key geographies in the UK, Ireland, Portugal and Spain.
Photo-Me added that its kiosks business - its one-time core operation - was performing "as expected".
Following the acquisition of self-service fresh juice equipment maker SEMPA Sarl in April, the company's food division has performed in line with expectations, and Photo-Me expects this will be a "significant part of the group's future growth strategy, alongside identification and laundry".
"While consumer uncertainty continues to weigh on our business in the UK, we remain confident that overall the group will continue to perform well, and in line with market expectations in the current financial year," Photo-Me said.
Photo-Me shares were down 4.8% in London at 85.00 pence each on Monday morning.
By Loreta Juodagalvyte; [email protected]
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