StockMarketWire.com - Photo booth and laundry services group Photo-Me International swung to a first-half profit, as a rollback of coronavirus restrictions drove an increase in sales.

Pre-tax profit for the six months through April amounted to £12.0 million, compared to a year-on-year loss of £24.2 million. Revenue rose 3.4% to £94.6 million.

Photo-Me didn't declare an interim dividend.

The company said it had seen a stronger-than-anticipated recovery of revenue for its identification business lost as a result of the pandemic, particularly in Japan, France and the UK.

Laundry operations, meanwhile, continued to perform well.

'Looking ahead, I am confident of a return to our fundamentals more quickly than previously expected, unless the Covid situation presents new difficulties,' chief executive Serge Crasnianski said.


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