LONDON (Alliance News) - Photo-Me International PLC gave shareholders a boost on Thursday after stating its full year results could be significantly ahead of expectations if the strong trading recently experienced in Japan continues.
The photo-booth and automated service provider has struggled to grow its revenue in recent years, but trading in the six months ended October 31 led to a small rise in turnover on a constant-currency basis, which Chairman John Lewis said was a "real step change" for the company.
Despite that encouraging revenue rise reported back in December, the company's pretax profit still fell by around GBP3.0 million to GBP25.8 million, but the company was upbeat about trading in Japan and upped its interim dividend by 10%.
On Friday, the company said the strong trading in Japan has continued in November and December, with takings up a staggering 90% from the previous year, well ahead of its own expectations, it said.
Photo-Me has been benefiting in the country from the introduction of new My Number Cards, which is a photo card that every resident in the country needs, boosting its photo-booth business.
Photo-Me conceded that the strong trading would need to continue to make a significant difference on results, but said full year results will materially beat expectations if trading continues as it is over the last four months of the financial year.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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