23rd Apr 2021 09:17
(Alliance News) - Photo-Me International PLC on Friday said it has revised its expectations for 2021, after a strong performance in the first five months of its financial year.
Shares in the instant-service equipment and photo-booth operator were up 8.8% in London on Friday at 70.00 pence each.
For the five months to March 31, Photo-Me said it had performed "better than expected".
Revenue expectations for the financial year ending October 31 were revised to between GBP190 million and GBP200 million, up from the GBP175 million previously expected, Photo-Me said. This would be up from GBP186.3 million for financial 2020.
Expected pretax profit was revised up to between GBP15 million and GBP19 million before exceptional items, up from GBP9 million expected previously. This would represent a swing back to profit from the GBP26.0 million adjusted pretax loss the year before.
Photo-Me attributed the results to trading growth in Japan due to an increase in applications for the My Number card, the Japanese government's social security and taxation photo identification card scheme. Sales have been boosted by a government-backed incentive scheme to promote applications, introduced in September
Photo-Me said its restructuring plans to improve profitability are on track to complete at the end of April but warned that economic uncertainty remains across many markets due to the pandemic, particularly in France which is a major contributor to the group's results.
By Will Paige; [email protected]
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