7th Jul 2020 12:00
(Alliance News) - Photo-Me International PLC on Tuesday reported a far lower annual pretax profit after administrative expenses nearly doubled and revenue declined and said demand has suffered during the pandemic.
The Epsom, Surrey-based photo booth and laundry services provider reported a GBP4.1 million pretax profit for its financial year ended April 30. This is many times lower than the previous year's GBP42.6 million profit.
The biggest single factor in this was administrative expenses, which almost doubled to GBP43.2 million from GP22.4 million. Adding to this, revenue declined 5.6% to GBP215.4 million from GBP228.1 million.
No dividend was declared for the period, following an 8.44 pence per share payout the year before.
Chief Executive & Deputy Chair Serge Crasnianski 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."
"Looking ahead, the group will continue to seek to diversify its operations primarily through investment in its Laundry rollout programme and through KIS Food product Innovation."
Shares in Photo-Me were up 1.7% at 55.00p in London on Tuesday morning.
By Anna Farley; [email protected]
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