Photo-Me International PLC - Surrey-based instant service equipment group - Continues to be severely impacted by Covid-19 due to "significantly lower" consumer demand for its vending equipment and services. Says it saw a slight return of consumer activity as countrywide and regional lockdowns were eased across Europe in the summer but since new national and local government lockdowns, revenue has once again been significantly impacted. Expects a revenue for the six months ended October 30 around 26% lower than the prior year's GBP123.9 million.
Says it is making good progress with restructuring program and plans to remove approximately 3,000 photobooths in the UK, 700 units in China and 200 units in South Korea. Says these programmes will reduce the number of photobooths in operation by around 17%. At October 31, the company had a net cash balance of GBP22 million. Says it has sufficient liquidity to navigate this uncertain period.
Current stock price: 57.30 pence
Year-to-date change: down 41%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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