(Alliance News) - Photo-Me International PLC on Friday said it has decided to cancel its interim dividend and to change its accounting reference date.
The Epsom-based photo-booths operator said its performance continues to be hurt by Covid-19. Since the end of February, owing to the severe limitations being imposed on the movement of people across almost all of the regions in which the company operates, Photo-Me said it has seen a "significant" drop in revenue across its sites.
As a result, the company said it has taken steps to reduce capital and other expenditure and improve cash flow, including the cancellation of an interim payout of 3.71 pence.
In addition, Photo-Me said it is withdrawing current market guidance and will provide a further update once more clarity is known around the outlook of the business.
The company said it believes that adhering to the current year-end of April 30 will be challenging to achieve in the current environment, owing to the limitations imposed on the movement of people. Therefore, it has decided to extend its current financial year end to October 31.
Photo-Me shares were trading 7.7% lower in London on Friday at 40.25 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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