StockMarketWire.com - Photo booth and laundry services company Photo-Me International posted a 21% fall in first-half profit, as growth in its laundry division was offset by lax UK sales the impact of restructuring costs in Japan.

Pre-tax profit for the six months through October fell to £26.0m, as revenue slipped 2.0% to £119.8m. Adjusted profit fell 7.9%.

The company kept its interim dividend steady at 3.71p per share.

'Group profit before tax has been impacted by reduced business-to-business revenue and machine sales activity, especially in the UK, where we have suffered from large order lags,' Photo-Me said.

'Due to the extent of our B2B customer relationships, we expect this to recover in the second half of the year.'

Photo-Me said it was maintaining its full-year guidance and expected to report a pre-tax profit of £44m, net of restructuring costs in Japan and excluding any movement in the value of Max Sight Holdings.

'In the last six months, the expansion of laundry operations and deployment of photobooth identification solutions continued in line with our plan,' chief executive Serge Crasnianski said.



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