SURREY-based Photo-Me has grown its pre-tax profits by 20.7 per cent this year to £24.3m, up from £20.1m last year.
The rise in earnings came despite the photo booth operator posting falling revenues of only £195.6m in its full year results yesterday, down £12.2m from last year’s figure of £207.8m.
Photo-Me chairman John Lewis said that the company was able to boost profits as a result of trimming losses in its sales and servicing division while improving the performance of its core operations business. “The overall revenue for the group was a little lower than last year and has been on a gently declining trend for some time,” added Lewis, pointing out that the company’s cash generation remained strong.
The annual results included a profit of £2.4m on the sale of a French industrial building, as well as additional stock and other various provisions.