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Photo-Me FY Pretax Profit Rises 20.7% To £24.3 Million

Posted On: 7/10/2013

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TAGS: photo booth, photobooth, Photo-Me 2013 results, Photo-Me International, Photo-Me financial report, vending, vending machine, coin-op machine, amusement business, kiddie ride, children's ride, kiosk, automated retailing, photographic business, photo machine, John Lewis, Philippe Starck

LONDON -- Photo-Me International plc reported a full-year pretax profit of £24.2 million ($36 million), up 20.7%, from the prior year's £20.1 million ($30 million). Revenue totaled £195.6 million ($292 million), compared with £207.8 million ($310 million), about a 6% decline. The photobooth company's fiscal year ended April 30.

Photo-Me's dividend for the year was 3p a share, compared with 2.5p in 2012. The results included a profit of £2.4 million ($3.6 million) on the sale of an industrial building in France, and additional stock and other various provisions.

Photo-Me's vending operations comprise primarily photobooths, along with digital printing kiosks, photobook makers, amusement machines (kiddie rides in the UK) and business service equipment, as well as its new laundry machines. Its sales and service division develops and manufactures much of the equipment used in its operations.

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Digital printing kiosks & photobook makers




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The company said its cash generation remained very strong. "The overall revenue for the group was a little lower than last year and has been on a gently declining trend for some time," said nonexecutive chairman John Lewis. "The board is optimistic that going forward this trend will reverse with the progressive rollout of our laundry product, called Revolution, which we believe has a real commercial opportunity in Europe, beginning in France and Belgium."

At constant currency, Lewis said, group revenue was 2% lower over the year, which was principally due to a "further expected decline" in revenue from the sales and service division. "Despite lower sales, group EBITDA increased during the period, with EBITDA margins improving to 23% from 21.2% in 2012," he explained. "Our operations division grew revenues by 1.2%, aided by a 6% increase in photobooth units, and there were strong performances in a number of our markets. Profitability in our operations division also continued to improve -- aided by lower costs -- with operating profit rising by 14.3%.

Photo-Me said it plans to use cash flow generated from its established photobooth business to develop new and complementary products that it hopes will drive growth. It also plans to penetrate new geographic markets that offer the potential of long-term growth.

"We have made good progress over the last two years implementing this strategy, with the introduction of the new designer photobooth by Starck, entries into China, Poland and Malaysia and Korea and the development of our new laundry product," Lewis said. "It has been the case however, that other product sales have remained at low levels due to continued reluctance by individual businesses and larger corporations to invest capital."