Photo-Me (LON:PHTM) shares rose on Tuesday morning after the group reported an increase in pre-tax profit for the year, boosting investor sentiment after a downbeat trading update in May.
The group reported a pre-tax profit for the year of £50.2 million, up from £48 million the previous year, with revenues climbing to £229.8 million from £214.7 million previously.
The group also pleased investors with a dividend boost, up to 4.73 pence from 3.49 pence in 2017.
This set of results will boost investor sentiment, after the group warned on profits back in May on the back of steep competition in its key Japanese market and an investment to restructure its Japanese subsidiary to boost profitability.
Commenting on the results, Serge Crasnianski, CEO, said:
“2018 has been another year of good operational progress
“Our Identification business continues to perform well as we focus on government partnerships for the adoption of our secure ID upload technology in new countries.
“Supported by steady cash flows from our global, market-leading photobooth estate, the Group will remain focused on investing in new and complementary products to drive further profitability and extend the suite of services available through our established instant-service equipment network. We remain confident for the future.”
Shares in Photo-Me (LON:PHTM) are currently trading up 6.36 percent at 116.36 (0909GMT).
