The instant service vending equipment company, Photo-Me, reported a pre-tax profit increase of 202% to £28.6m, compared to the loss of £27.8m in 2020 as Covid restrictions eased.
The group’s reported revenue grew 15.1% from £186.3m to £214.4m in 2021 as consumers began emerging from lockdown.
Most markets where Photo-Me functions are operational have been cleared of Covid-19 restrictions.
Asia remained an exception, due to its 4th wave. Asia contributed around £40m to the total reported revenue in 2021.
The largest contributor to the revenue is the photo booth business, which generated £123.2m in 2021 with strong performances from Japan and France.
The revenue generated from Revolution laundry increased by 26.6% to £44.8m with a 19.1% increase in the number of units in use.
Feed.Me and Print.Me saw revenues of £9.6m and £11.7m in 2021.
EBITDA increased from £41.4m to £65.1m in 2021.
The cash generated from operations saw an increase from 51.8m to £66.1m in 2021 as consumers returned to retail shopping, where the majority of Photo-Me operations are.
The group’s operating profit rose by £55m to £29.3m in 2021 due to Covid recovery, as well as successful restricting.
Capital expenditure was £29.9m in 2021 with the laundry operations costing £16.2m.
The group also acquired Photo Plaza in Japan, Resto’Clock in France, and NRG in Australia for £11.5m. The balance were costs associated with photobooths and equipment.
The company’s net cash position was £34.9m, up 56.5% from 2020.
Over the last year, the group has launched ME Group, which is a brand strategy to emphasize operations diversification whilst also continuing their product innovation.
Photo-Me’s Board recommends a total dividend of 2.89p to be paid on 13 May 2022.
Serge Crasnianski, CEO & Deputy Chairman, Photo-Me said, “despite the ongoing impact of COVID-19, our proven and resilient business model has enabled the group to make progress towards returning to its pre-pandemic performance, across all business areas including photobooths.”
“This progress was underpinned by our market leading position, our established and long-term partnerships which gives the group good revenue visibility and year-on-year recurring revenue streams.”
“Reported total revenue and profit before tax for the year were at the upper end of our expectations, having benefitted strongly from the recovery that followed the easing of restrictions across our key markets.”
“Following the launch of our new corporate brand strategy, ME Group, we are looking forward to the next chapter of our growth as we enter our 60th year.”
“Our growth strategy is focused on continued innovation and diversification, including the use of the best available technology to commercialize our next generation photobooths, continuing to expand our laundry operations and growing our food vending operations to become a leader in France by the end of next year.”
Photo-Me shares gained 1% to 64.2p in early morning trade on Monday as the group presented their strong financial performance despite the consequences of the pandemic.