Photo-Me (PHTM.L), the instant-service equipment group, announces the following trading update for the year ended 30 April 2017 ahead of its final results which will be published on Tuesday, 27 June 2017.
The Group made excellent progress in the financial year, reflecting the success of its strategy of investing in new products, growing its laundry business and favourable currency movements.
The photo identification and laundry businesses continued to perform well.
Further progress was made in the deployment of photo ID security technology during the year. In France, the vast majority of photobooths have been upgraded for ANTS to enable direct and secure transmission of ID photos and data to the government database for driving licence applications. In Ireland, the Group’s encrypted photo ID upload technology, launched in partnership with the Irish Government for the new Online Passport Application service, will be rolled out to 300 secure digital upload enabled photobooths by the end of 2017. The Group has now also started the progressive roll-out of the ANTS booths in Germany.
The expansion of the laundry business in Europe has continued apace, with consistent expansion of the estate of owned and operated laundry units currently in operation, primarily located in France, Ireland, Belgium and Portugal. During the second half of the year, the Group actively started deploying its Revolution laundry units in the UK, where some 100 machines were available to consumers at the end of the year. Revolution, the 24/7 outdoor self-service machine range, has been extended to include two reduced footprint models, Compact and Mini, targeted at the Far East market. During the second half of the year, the Group’s programme to open further launderettes was consistent with the announced plan. The first Launderette shop opened in Japan during the last quarter and it is proving to be very successful.
The Board expects the financial year ended 30 April 2017 will be in line with market expectations, with significant revenue growth and record progress in profit before tax (+c.20% compared with 2016), supporting the Group’s stated commitment to increase the total ordinary dividend by 20% year on year.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
+44 (0) 1372 453 399
Gabriel Pirona, CFO
Hudson Sandler (Financial PR)
+44 (0) 20 7796 4133
Wendy Baker/ Emily Dillon