Photo-Me International revising projections upward

Photo-Me International plc, the instant-service equipment group, is revising upwards its fiscal performance projections for the years. The company believes the group’s performance for the year ending Oct. 31, 2022, will show revenue up at least +20% over FY 2021 and adjusted PBT in the range of £47 million to £50 million, assuming Covid-19 or other social restrictions are not re-imposed in our key markets.

For the year-to-date, the group revenue for the period was up 24.2% compared with the same period last year, with a consequential positive impact on profitability. Net cash at period end was £41.4million.

The company said its photobooth business remains an important part of the group’s long-term growth strategy and Photo-Me will continue to invest in upgrading to the next-generation machines. In particular,  the company said it saw a significant increase in revenues driven by our photobooths in the period, particularly in France and the United Kingdom, as they benefitted from pent-up demand for passports, other official documentation and all other products delivered by photobooths.

The group will publish its interim results for the six months ended April 30, 2022, in mid-July.