Self-service photo-booths will soon start popping up in underground stations across London. Last year Photo-Me International (PHTM) added 1,260 booths to its network across the UK, continental Europe and Asia, taking the total to 26,130. A contract to run machines in Morrisons supermarkets brought an additional 300 booths to the UK, and a recent deal with Transport for London will see them installed in tube stations.
Finance director Françoise Coutaz-Replan says the group is tentatively entering new territories too, with trials underway in Thailand, South Korea, Malaysia, Vietnam and Poland. Costs are falling, as a further 1,138 photo-booths were upgraded to more efficient models and manufacturing moved to China. The laundry machine roll-out, meanwhile, is on track to have 2,000 units operational in places such as supermarkets, campsites and universities by the end of 2015. Initial results are "very promising".
Revenue dipped in the year, but that was down to a planned shrinkage of the sales and servicing division. Elsewhere in the group, sales rose slightly (at constant exchange rates), while lower costs and growth in the laundry business explain the 24 per cent jump in pre-tax profit.
Broker Finncap expects pre-tax profit of £35m for the current financial year, giving EPS of 6.7p.
| PHOTO-ME INTERNATIONAL (PHTM) | ||||
|---|---|---|---|---|
| ORD PRICE: | 138p | MARKET VALUE: | £513m | |
| TOUCH: | 137-138p | 12-MONTH HIGH: | 150p | LOW: 85p |
| DIVIDEND YIELD: | 2.7% | PE RATIO: | 24 | |
| NET ASSET VALUE: | 28p | NET CASH: | £63.1m | |
| Year to 30 Apr | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 223 | 9.3 | 2.7 | 1.25 |
| 2011 | 220 | 18.0 | 3.8 | 2 |
| 2012 | 208 | 20.1 | 4.0 | 2.5 |
| 2013 | 196 | 24.3 | 4.8 | 3 |
| 2014 | 187 | 30.1 | 5.8 | 3.75 |
| % change | -5 | +24 | +21 | +25 |
Ex-div: 24 Sep Payment: 6 Nov | ||||
