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(Alliance News) - Photo-Me International PLC on Wednesday said recent trading has exceeded board expectations.
The firm said a recovery in its key markets has continued through the first quarter of its new financial year, meaning its performance has topped internal expectations. Photo-Me put the result down in part to a management reorganisation.
Photo-Me is a Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry.
Trading to date has been encouraging even though the first quarter is typically the quietest period in each financial year, and the group's strongest seasonal periods are yet to come.
"Further, there has been an improvement in the group's trading environment following announcements regarding the progressive relaxation of Covid-19 restrictions in certain of the group's key trading jurisdictions that were made over the course of January and February 2022," Photo-Me added.
As such, it is likely results for the financial year ending October 31 will exceed previous expectations.
Shares in Photo-Me were up 1.5% at 75.80 pence in London on Wednesday.
By Lucy Heming; lucyheming@alliancenews.com
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