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Photo-Me swings to loss amid 'severe' pandemic hit
StockMarketWire.com
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Photo booth and laundry services group Photo-Me International swung to a full-year loss and scrapped its dividend after the pandemic 'severely' hurt many of its business units.
Pre-tax losses for the year through October amounted to £27.8 million, compared to a year-on-year profit of £44.9 million, as revenue slumped 20% to £186.3 million.
Photo-Me said early indications were that its business-to-business, children's rides and, to a lesser extent identification, units would be the most challenging from which to recover.
Laundry operations, however, were more resilient due to the accessibility of machines throughout the pandemic.
'Going ahead, the board's initial strategy is to focus investment across all 17 countries in which the group operates, and on the continued expansion of our laundry operations and to grow the KIS Food business,' chief executive Serge Crasnianski said.
He added that over time, the company believed those businesses would compensate for lower expected demand for identification and other vending equipment.
Story provided by StockMarketWire.com
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