Photo-Me increases its 2018 final dividend by 20%
Photo-me International 2018 final results
Revenues up 7.1% at £229.8 million driven by continued growth in Identification and rapid expansion of Laundry. At constant currency, growth was 5.9%.
EBITDA up 2.8% at £71.0 million, reflecting investment in strategic acquisitions and organic growth, and favourable euro to sterling exchange rates in 2018. EBITDA margin was 30.9%.
Underlying profit before tax increased by 0.3%, and at constant currency declined by 1.6%.
Reported profit before tax was £50.2 million, up 4.4% and at constant currency was up 2.5%, profit margin was 21.8% as percentage of sales.
Profit after tax up 14.7%, supported by a reduction of Photo-Me's effective tax rate to 19.7% (2017: 26.9%).
Net cash position of £26.7 million after distribution of £26.5 million dividends and investment in future growth, with 35% of capex spent on the ongoing expansion of Laundry.
Total Ordinary dividend increased by 20% to 8.44 pence per share.
Redcentric decided to increase the dividend to reflect a cover of 2 times adjusted earnings. This will result in a final dividend of 1.0p per share.Read more
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