Photo-me develops strong cashflow
Something clicked for Photo-Me International in the six months to October.
Snapshot: Photo-Me profits are up 72%
Strong cashflow wiped out the photo booth operator's debt and lifted pretax profits 72% to £11.2m on sales ahead 9% to £118m, with a modest resumed dividend of 0.25p.
But chairman Hugo Swire warns that markets remain 'extremely difficult'.
He says he is 'hopeful, rather than confident' of second-half profits for the company.
The shares, which hit 435p during the dotcom boom, fell 5¾p to 39¼p, valuing the group at £141m.
Swire hopes peace has broken out in the boardroom, where traffic has been photo-booth like - nine directors quit the firm in 2007-08.
Founder Serge Crasnianski is sharing the chief executive job with newcomer Richard Seurat, a grand-nephew of the famous 19th century French painter, Georges-Pierre Seurat.
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