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Trading statements

Photo-Me pre-tax profit up

21 June 2016 07:26

Photo-Me International (PHTM) said that revenue was up 3.8% to £184.0 million and underlying pre-tax profit rose to £40.1 million.

Underlying EBITDA increased 9.5% and the margin advanced to 30.8%.

The company has net cash of £62.4 million and said it plans an increase of 20% in the annual ordinary dividend, with a special dividend amounting to £10.6 million.

Non-executive chairman John Lewis said: "It has been another strong year for the group with a 14.6% increase in reported underlying pre-tax profits to a record £40.1 million.

"Our cash generation remained strong and we improved our net cash balance to £62.4 million despite investments and dividend payments totalling £43.4 million during the year.

"We are recommending a final dividend of 3.285p per share to give a total dividend for the year of 5.86p, an increase of 20% and in addition, a special dividend of 2.815p per share representing an additional distribution amounting to £10.6 million.

"The aggregate dividend is in line with the undertaking that we gave last year.

"Moreover, the Group is committing to increase the ordinary dividend by 20% for the next two financial years.

"Operationally, the business has made strong progress against a global economic backdrop that has been challenging.

"The expansion of our Revolution laundry product remains on track and returns stay encouraging.

"The addition of both smaller Revolutions and the introduction of launderettes will add to the momentum in this business.

"Volumes in our photobooth estate have been boosted by the gradual rollout of the new Japanese identity card (My Number) and new agreements were signed with Moneygram and ANTS which should further enhance returns in the medium-term.

"Prospects for both our leading products remain extremely positive and the development and addition of 3D capability within the booths is an exciting feature for the medium-term. "Whilst uncertainties remain, in particular in relation to currency, the board anticipates another year of good growth."

Story provided by StockMarketWire.com

Related Company: PHTM

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