Instant service equipment group Photo-Me International Plc. (PHTM.L) Friday said movements in exchange rates adversely affected profits before tax by around 8 percent for the nine-month period ended January 31. Despite this, the Board continues to expect that the group will achieve market expectations for the current year and believes that it is strongly placed for the future.
In an interim management statement for the period from November 1, 2012 to date the firm said profitability overall has been substantially better than for the same period last year. In the year to date, the group made strong progress despite a currency headwind.
The company manufactures instant service equipment, including coin-operated automatic photobooths for identification and fun purposes and various vending equipment.
The group's third quarter from November to January is traditionally the slowest quarter of the year due to seasonal trading patterns.
Revenue in the Operations' division has been at a similar level to last year, but profitability moved ahead strongly, helped by exceptional performances in Japan and Germany.
The downsized Sales and Servicing division again suffered a decline in turnover, but is no longer loss-making, due to the continued restructuring program and change in management structure.
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