Photo-Me hikes dividend 20% as lower tax charge boosts profit
StockMarketWire.com - Photo booth and laundry services supplier Photo-Me International hiked its dividend by 20% after a lower tax charge and one-off investment gain boosted annual profits.
Pre-tax profit for the year through April rose 4.4% to £50.2m and included a gain of £3.7m relating to the group's shareholding in Max Sight Group Holdings, an automatic ID photo booth operator in Hong Kong.
Revenue rose 7.1% to £229.8m, though underlying pre-tax profit only inched up 0.3% to £46.8m, while falling 1.6% on a constant currency basis due to margin pressure.
The company hiked its annual dividend by 20% to 8.44p per share after a lower tax charge helped push bottom-line net profit up 14.7%.
'Revenue in our laundry business rose 69% in the year, and we expect that these operations will contribute an increasingly dominant share to group profits as we capitalise on the significant expansion opportunities in our markets,' chief executive Serge Crasnianski said.
'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.'
At 9:56am: (LON:PHTM) PhotoMe International PLC share price was +8.6p at 118p
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