Photo-Me picks up after period of tough trading

PHOTO-ME International, which makes photo booths, said yesterday its profit for the six months to 31 October had risen, helped by lower cost of sales, higher turnover and finance revenue and lower finance cost.

Profit was £8.43m compared to a profit of £7.98m for the same period the previous year. Total earnings per share were 2.32p versus earnings of 2.21p per share last year.

Earlier this week, the company announced that it had signed a new contract for 1,000 machines.

Chief exceutive Serge Cranianski said: “It is clear that this order is very positive and will provide further underpinning for our performance over the balance of this year and beyond.” Photo-Me’s net cash position at the end of October was £29.4m, an increase of £21.3m over the six months.

It is planning improvements to its production and acquisitions.