PHOTO-ME INTERNATIONAL PLC - PRELIMINARY ANNOUNCEMENT
Photo-Me (PHTM.L), the instant service equipment group, announces its results for the year to 30 April 2012.
Results highlights:
|
|
2012 |
2011 |
Change |
|
|
|
|
Revenue |
£207.8m |
£219.8m |
-5.4% |
|
|
|
|
EBITDA |
£44.0m |
£47.6m |
-7.4% |
|
|
|
|
Pre-tax Profit |
£20.1m |
£18.0m |
+11.9% |
|
|
|
|
EPS (diluted) |
3.95p |
3.74p |
+5.6% |
|
|
|
|
Net Cash |
£51.8m |
£40.7m |
+27.4% |
|
|
|
|
Dividend |
2.50p |
2.00p |
+25.0% |
|
|
|
· Revenue 5.4% lower at £207.8 million
· EBITDA 7.4% lower at £44.0 million, but remains substantial at 21.2% of Revenue
· Pre-tax Profit of £20.1 million, up 11.9%
· Further material increase in the net cash position to £51.8 million
· Increase of 25% in the dividend to 2.5 pence per share
John Lewis, Non-Executive Chairman, said; 'With the global economic backdrop remaining so testing, it is satisfying to report an increase in our pre-tax profits of almost 12%. Sales overall were lower due to continued weakness in our Sales and Servicing division, but once again we have witnessed a very resilient performance in our Operations division in a number of markets. Strong cash generation is a key strength of Photo-Me and we have further increased our net cash balance to £51.8 million. We will be recommending a final dividend of 1.25 pence to give a total dividend for the year of 2.5 pence, representing an increase of 25% over the year.
'We have made further progress in our strategy of focusing on the development of innovative complementary products that build upon the strength of the ID photobooth business, but less this year than we would have hoped. While the rollout of our next generation photobooth has gone according to plan, other product sales have been adversely affected by weakness in the global economy, curtailing capital investment both from large corporations and individual retailers.
'Our balance sheet is strong and we are continuing to reduce our costs. Despite the difficult trading background we intend to press ahead with new product development and we remain keen to add to our current portfolio of businesses if the right opportunities arise.
Subject to the risks and uncertainties detailed in the business and financial review, the Board once again anticipates further progress over the coming year.'
