Photo-Me announces interim results

Including exceptional charges of £ 2.2 million (US$ 3.6 million/Euro 2.4 million) related to the restructuring of Kis Photo-Me, operating profit was up 106% to £ 10.1 million (US$ 16.4 millon/Euro 11.2 million), pre-tax profit increased 208% to £ 9.0 million (US$ 14.6 million/Euro 9.9 million), resulting in a net profit of £ 8.076 million (US$ 13.14 million/Euro 8.9 million) for the period.

Sales of PMI‘s Sales & Servicing Group, with Kis of Grenoble, France, as principal subsidiary, reached £ 23.8 million (US$ 38.7 million/Euro 26.3 million), a plus of 6.3% (minus 2.7% in constant currency). The operating result improved from a loss of £ 2.9 million (US$ 4.7 million(Euro 3.2 million) in the sasme period last year to a profit of £2.2 million (US$ 3.6 million/Euro 2.4 million), reflecting substantial savings through improved supplier control, a reduction in payroll costs and a more effective sales force, the company said. During the period, Kis started volume production of the Photobook Maker self service kiosks and expects accelerating sales for the second half of the fiscal year.

In view of the difficult economic situation, the PMI management said it ”is hopeful, rather than confident, that the second half will be profitable”.