Photo-Me International PLC Trading Update (9130U)
April 03 2019 - 2:00AM
UK Regulatory
TIDMPHTM
RNS Number : 9130U
Photo-Me International PLC
03 April 2019
03 April 2019
Photo-Me International plc
("Photo-Me" or "the Group")
Trading Update
Photo-Me (PHTM.L), the instant-service equipment group,
announces the following trading update for the year ending 30 April
2019.
In the year to date, the Group has continued to deliver on its
strategy to expand its high margin self-service laundry operations
and these operations will continue to make up an increasing
proportion of the Group's total revenue in the medium term. The
Group's operations in Continental Europe and Asia are continuing to
grow in line with our expectations. The strong performance in Japan
has continued in the second half, following the reorganisation of
these operations.
Overall trading in the UK has become more challenging than
expected in the second half of the year reflecting the slowdown in
consumer activity as a result of continuing uncertainty around the
UK's European Union exit negotiations. At the time of its interim
results in December 2018, the Group noted that it had experienced a
delay in order decisions for its B2B machines revenue, which were
expected to be recovered during the second half of the year. Due to
the extended period of uncertainty in the UK, the Group now does
not expect to achieve a recovery in order levels before the end of
the current financial year.
As a result, the Board now believes that profit before tax, net
of restructuring costs in Japan, for the financial year ending 30
April 2019 will be slightly below its previous guidance of GBP44m,
with profit before tax now expected to be at least GBP42 million,
net of restructuring costs in Japan. This excludes any potential
revaluation movements pertaining to the Group's investment in Max
Sight Group Holdings.
The Group expects to announce its Annual Results for the
financial year ending 30 April 2019 on Tuesday 9 July 2019.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Photo-Me International plc +44 (0) 1372 453 399 / ir@photo-me.co.uk
Serge Crasnianski, CEO
Stéphane Gibon, CFO
Hudson Sandler +44 (0) 20 7796 4133
Wendy Baker/ Emily Dillon/ Nick photo-me@hudsonsandler.com
Moore
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 approximately 47,000 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, launderettes, B2B services
-- Kiosks: high-quality digital printing
In addition, the Group operates vending equipment such as
children's rides, amusement machines and business service
equipment.
Whilst the Group both sells and services this equipment, the
vast majority of units are operated and maintained by Photo-Me.
Photo-Me pays the site owner a commission based on turnover, which
varies depending on the country and location of the machine.
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 listed on the London Stock
Exchange since 1962.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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