Instant service equipment group Photo Me experienced a 17.4 per cent increase in pre-tax profit despite a decline in revenue, according to its half-yearly results published on Friday.
The small cap company, which has a market capitalisation of £208.43m, demonstrated strong results with pre-tax profit rising to £20m in the six months to October, compared to £17m in the corresponding period last year.
Revenue fell 7.1% to £107.4m from £115.6m a year earlier and the dividend rose 20% to 1.5p from 1.25p.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
John Lewis, Non-Executive Chairman of Photo Me, said: "The Group has again traded well in what is traditionally its stronger half and delivered a record result, despite a currency headwind. A growing estate, tighter management and lower costs have all contributed to this with notable improvements in Germany, Switzerland and Japan and another very good performance in our largest market, France."
He added:"In addition it is pleasing to report that the sales and servicing division, whilst smaller than it was, has returned to profitability after an extended period of restructuring".
The group's net cash position at the end of October was £70m, an increase of £18m since the end of April.
The company is currently preparing to introduce coin-operated laundry machines more widely, which it expects will have "substantial potential in the medium-term".
MF
-
10 vinyl records worth up to £10,000 - is one in your collection?News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
-
FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
