Photo-Me click with record performance results during 2016

Coinslot Photo-Me
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Photo-Me International Plc has announced strong results for the first six months of its 2016 interim report with revenue growth of 19.2 per cent.

Photo-Me International Plc posted record performance figures for the six month period ending 31 October 2016.

The record-breaking results included a key revenue growth of 19.2 per cent, with significant numbers driven by the launch of the company’s laundry product, Revolution.

2016 also saw a number of operational investments for Photo-Me, including the acquisition of the UK photo division of Asda Stores Limited, resulting in an increase in the company’s net cash position of £5.6million to a total of £68.0million.

Commenting on the results and the company’s expansion, John Lewis, Non-executive Chairman, said: “Photo-Me has made excellent progress in the first half with strong growth in revenues and profits reflecting the success of our strategy of investing in new products, the acceleration in the growth of our laundry business and currency benefit.

We are strongly positioned to be a leader in security-based operations.  During the first half we focused on technology upgrades to our photobooth estate in France that allow digitised photos and e-signatures for driving licenses to be securely uploaded. The expansion of our laundry business continues to drive our growth and the introduction of our smaller Revolution units are expected to help maintain that progress.”

He added: “Our cash flow and net cash position both remain extremely strong after investments and the interim ordinary dividend has increased by 20% in line with previous guidance.

The Group’s performance for the first half was ahead of the Board expectations and the Board therefore now expects the Group’s profits will significantly exceed current market expectations for the financial period ending 30 April 2017. The Board continues to be optimistic about the Group’s future prospects.”

To read the full Photo-Me International plc Interim Results report for the six-month period ending 31 October 2016, visit: http://tinyurl.com/z52rg5u

 


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