StockMarketWire.com - Photo booth and laundry services provider Photo-Me International booked a 96% slump in annual profit after the Covid-19 crisis crimped sales in the latter part of its financial year.

Pre-tax profit for the year through April dropped to £1.2m, down from £31.3m on-year, as revenue fell 5.6% to £215.4m.

The company did not declare any dividends for the year.

Photo-Me International pinned the slump in sales on 'the significant impact of Covid-19 on consumer activity in all the group's end markets'.

Revenue in the second half of the year fell 16% and the company estimated that it lost £22.7m of revenue as a direct impact of the virus, mainly in March and April.

At 30 April, the company had gross cash of £66.5m and drawn debt facilities of £58.5m, resulting in a net cash balance of £7.9m.

'The pandemic has and continues to have a significant impact on all the group's end markets, resulting in lower consumer demand,' chief executive Serge Crasnianski said.

'The board believes that activity levels could take some time to return to pre-Covid-19 levels.'

'A thorough review of the business is underway and restructuring programmes are being implemented to better align operations to the current trading conditions.'

'The board will provide an update on market guidance once it has more clarity around the extent and duration of the Covid-19 impact and when the outlook for the business becomes clearer.'




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