smartphoto group NV reported higher sales and operating profit

Belgian personalized photo company smartphoto group NV reported higher sales and operating profit, according to a report in De TIJD. Sales increased 10.6 percent to 51.1 million euros and, as a result of the growth in photo gifts with a higher margin, gross operating profit rose 14.2 percent to 7.9 million euros (and even by 27.3 percent to 8.8 million according to the new IFRS 16 accounting rules). The cash flow remains well-filled with a surplus of 8.2 million euros (including IFRS16). Smartphoto points out net cash resources remained stable, despite the payment of the dividend, the purchase of treasury shares and the investment in a new building.