(Alliance News) - Photo booth and vending equipment operator Photo-Me International PLC on Monday said it will delay the release of 2019 financial year results as the company's new auditor needs more time to complete its work.
Shares in the company were trading 2.3% lower at 94.24 pence each.
The company said the delay in publication of results for the year ended April 30 is due to the the time needed by new auditor, Grant Thornton (UK) LLP, to complete work, together with the recent introduction by the auditor of "enhanced internal regulatory scrutiny".
The company in 2018 appointed Grant Thornton as it new auditor, replacing KPMG.
Photo-Me said it believes the accounts for the 2019 financial year to be substantially complete and said Grant Thornton has not raised any material issues in relation to the company's accounts.
The company remains confident of reporting its annual results in line with current market expectations and guidance provided in April.
For financial 2019, the company estimated pretax profit to be "slightly" below the GBP44 million guided previously. Net of restructuring costs for Japan business, pretax profit was estimated to be above GBP42 million.
For the year ended April 2018, Photo-Me generated GBP50.2 million in pretax profit on revenue of GBP229.8 million.
Photo-Me now expects that annual results to be published by July 23.
