Photo-Me International PLC AGM Trading Update (5178U)
October 25 2017 - 2:00AM
UK Regulatory
TIDMPHTM
RNS Number : 5178U
Photo-Me International PLC
25 October 2017
25 October 2017
Photo-Me International plc
("Photo-Me" or "the Group")
AGM Trading Update
Photo-Me International plc (PHTM.L), the instant service
equipment group, will hold its Annual General Meeting at 2:00 p.m.
today. Ahead of the meeting, the Group announces the following
trading update covering the first five months of its financial
year.
The ongoing investment in the deployment of the Group's
integrated identification technologies and expansion of the laundry
business have remained a key focus. Those businesses are continuing
to perform as expected, with revenues also supported by favourable
currency movements. Turnover in the first five months improved by
11.2% (at actual rates) compared with the same period last year,
consistent with our full year expectations.
The Group's cash generation remains strong. This continues to
support our progressive dividend policy.
Photo identification
Further progress has been made in the rollout of the Group's
encrypted photo ID upload technology. Since the Irish Government
launched the Online Passport Application service in April, 178
secure digital upload enabled photobooths have been deployed. The
Group's progress remains on track to roll out a total of 300 units
by the end of April 2018.
In the UK, discussions with Her Majesty's Passport Office to
formally adopt the Online Passport have progressed, while expanded
testing is on-going. The Group anticipates that the new service
will be rolled out to photobooths across the UK in early 2018.
Laundry
Expansion of the owned and operated laundry business has
continued in line with the Group's strategy to deploy 6,000 units
(owned and sold) by 2020.
There are 66 launderettes in operation. The Group continues to
expand its presence in the launderette market through the
acquisition of underperforming launderette businesses in attractive
locations, with a particular focus on the Japanese market where it
sees significant opportunity.
In July, the Group acquired Inox and Tersus, a UK based
business-to-business laundry business which provides bespoke
professional design, procurement and installation of laundry and
catering facilities for blue chip companies and institutions such
as care homes and hospitals. This acquisition was in line with the
Group's strategy to expand its business to business laundry
capabilities. The Group continues to look for bolt-on acquisitions
in this area.
Production of the Revolution laundry machine has now been
transferred by our manufacturing partner from Hungary to a new
facility in Poland. As a result, the Group is now benefiting from
enhanced capacity flexibility in production volumes.
Kiosks
Following the acquisition of the UK Photo Division of Asda
Stores Limited last year, the Group is reviewing the progress of
those operations and re-shaping its digital printing operations to
boost profitability, resulting in some restructuring of this
business. A further update will be provided at the time of the
interim results.
Investment in innovation
Investment in new technologies and products has continued. In
November, the Group will showcase its technology to provide
customers with front-end retail banking services from its
photobooths network, as well as proprietary 3D capture and
enrolment technologies at TRUSTECH, a large event dedicated to
Trust Based Technology in Cannes (France).
Looking forward
Whilst remaining mindful of the macroeconomic environment,
currency movements, and consumer disposable income which has led to
some softening of the UK and Japanese markets, the Group has
continued to make good progress against its strategy. The Board
remains confident of the outlook for the full year, anticipating
another year of progress.
Registered Office
Photo-Me is taking steps to update the description of its
registered address (for administrative reasons). The address will
be updated to read: Unit 3B, Blenheim Road, Epsom KT19 9AP. Please
note that this is the same location as Photo-Me's current
registered office address.
Enquiries:
Photo-Me International +44 (0) 1372 453 399
Gabriel Pirona, CFO ir@photo-me.com
Hudson Sandler (Financial
PR) +44 (0) 20 7796 4133
Wendy Baker/Emily Dillon/Jasper photo-me@hudsonsandler.com
Bartlett
NOTES TO EDITORS
Photo-Me International plc (LSE: PHTM) operates, sells and
services a wide range of instant service vending equipment,
primarily aimed at the consumer market.
The Group operates 48,000 vending units across 18 countries and
its technological innovation is focused on three principal
areas:
-- Identification: photobooths and integrated biometric identification solutions
-- Laundry: unattended laundry services
-- Kiosks: high-quality digital printing
In addition, the Group operates vending equipment such as
children's rides, amusement machines and business service
equipment.
The Group has built long-term relationships with major site
owners and its equipment is generally sited in prime locations in
areas of high footfall such as supermarkets, shopping malls
(indoors and outdoors) and public transport venues. The equipment
is maintained and serviced by an established network of 700 field
engineers.
The Company's shares have been fully-listed on the London Stock
Exchange since 1962.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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