Financial Highlights
Solid revenue growth of +2.4% at constant currency
Underlying pre-tax profits up to record £25.8m; up +9.3% in constant currency
Cash position remains very strong and £7.1m higher than at year-end
Dividend increased by 10%, in line with guidance
Operational Highlights
Photobooth estate increased by 2.2%
Solid growth across Continental Europe and Japan
Promising launch of the Philippe Starck designed new photo printing kiosks
Continued strong progress in laundry, with a 90% increase in turnover
Strong entry into the wider UK laundry industry through the acquisition of Fowler(UK), a laundry equipment distributor
Formal trialing of the new carwash product in France, supported by the strategic partnership with Kärcher
John Lewis, Non-executive Chairman, said:
"Photo-Me has struggled to grow its revenue in recent years and the 2.4% increase in constant currency revenue this half-year represents a real step change. While we are continuing to see a good trading performance in Japan, more importantly - and as we had anticipated - our growing laundry business is increasingly having a positive impact.
Our new product pipeline - including the next generation of Revolution - is very promising and our cash flow and net cash position both remain extremely strong. In addition, our purchase of Fowler(UK) is expected to substantially improve our prospects in the UK laundry market going forward.
The Board remains confident for the outlook of the business over the rest of the year and remains optimistic about future prospects."
