Shares of Photo-Me International, the photo booth and vending machine operator, shot ahead after it said it expects further progress in the year ahead and posted a 12% increase in full year profit.
Pre-tax profit rose to £20.1m for the year ended April 30 from £18m the previous year. Revenue fell to £207.8m versus £219.8m in 2011 after continued weakness at its sales and servicing division overshadowed a robust performance at its operations division.
"Despite the difficult trading background we intend to press ahead with new product development and we remain keen to add to our current portfolio of businesses if the right opportunities arise," said non-executive chairman John Lewis.
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"Subject to the risks and uncertainties detailed in the business and financial review, the Board once again anticipates further progress over the coming year," he added.
Net cash resources climbed £11m to almost £52m. The group is recommending a final dividend of 1.25p a share, giving a total dividend of 2.5p for the year, up 25%.
CJ
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