Pre-tax profit up 20 per cent at Photo Me

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.

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.

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

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023