Far East expansion boosts Photo-Me

Far East expansion boosts Photo-Me

Surrey-headquartered Photo-Me is reaping the rewards of expanding overseas after pre-tax profits rose 4.1% to £40.1m.

Photo booth operator Photo-Me International has captured a rise in full-year profits, helped by the introduction of a new Japanese identity card.

Pre-tax profits rose 4.1% to £40.1m while revenues were boosted 3.8% to £184m as the firm also hailed the performance of its Revolution self-service laundry machines.

Non-executive chairman John Lewis said: "The business has made strong progress against a global economic backdrop that has been challenging.

"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."

The agreement with Moneygram means that users can now transfer money from inside photo booths. A deal with ANTS, France's National Agency of Secure Documents, will see booths provide a digitised e-photo and signature for the country's new driving licences.

The firm said it is recommending a total dividend for the year of 5.86p - an increase of 20% - and announced a special dividend of 2.815p per share, amounting to £10.6m.

Photo-Me added that it forecasts another year of good growth.


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