Photo-Me swings into the black after FSA fine and hefty losses
aPHOTO booth firm Photo-Me International has swung into profit, despite previous losses and a £500,000 Financial Services Authority (FSA) fine.
In the year to 30 April the group saw pre-tax profits of £9.3m, compared to £5.1m in losses the previous year.
Photo-Me declared itself in a much stronger position, helped by the disposal of Imaging Solutions, its loss-making wholesale photo-processing labs business.
The firm was recently fined by the FSA for failing to disclose key information to the stock market promptly.
But the latest figures show sales were up 5.7 per cent and there was £8.1m cash surplus at year end, compared to net debt of £23.5m in 2009.
Yesterday its London-listed shares rose 2.75p, or 8.15 per cent, to 36.5p based on the impressive results.