2nd Aug 2021 08:19
(Alliance News) - Photo-Me International PLC on Monday increased its annual revenue and profit guidance after a "promising" recovery in the first half has continued.
Photo-Me is a Surrey, England-based operator of instant-service equipment, such as photobooths and self-service laundry.
Following a "promising" recovery in the first half financial year 2021, the group's trading performance in May, June and July was better than expected, driven by stronger-than-anticipated recovery of photobooth activity, mainly in Continental Europe, Photo-Me said.
Consequently, the board has revised its expectations for the financial year ending October 31 and now expects to report revenue of around GBP210 million, which would be up 13% from GBP186.3 million in financial 2020 but down 9.6% from the pre-pandemic level of GBP232.2 million in financial 2019. Previous guidance for financial 2021 revenue was GBP200 million.
Pretax profit is now expected to be between GBP25 million to GBP30 million before exceptional items, up from the previously expected GBP21 million to GBP24 million. Photo-Me suffered a GBP26.0 million adjusted pretax loss in financial 2020, swinging from adjusted pretax profit of GBP44.1 million in financial 2019.
Photo-Me warned that Covid-19 continues to cause economic uncertainty across many of its operating markets.
Photo-Me shares were up 4.9% to 78.68 pence early Monday in London.
By Amrit Sahota; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
PHTM.L