Photo-Me International the instant service equipment group, reveals that revenue was up 10.5% to £122.2m and reported profit before tax was £32.9m, up 6.1% for the year to end of October 2017.
Reported EBITDA was up 11.4% and EBITDA margin expanded to 36.7%, up 300bpts.
Net cash was £47.1m, reflecting a total of £68.6m in higher dividend payments (£34.6m) and investments in future growth (£34m) since 31 October 2016, up £7.9m from £39.2 million at 30 April 2017
The interim dividend was increased by 20.1% to 3.71p per Ordinary share, in line with the stated progressive dividend policy.
The group operates in three key business areas: identification, laundry and printing kiosks. Laundry remains the primary growth driver of the group. Total laundry revenues were up 75% to £17.3m (H1 2017: £9.9m)
Commenting on the results, Serge Crasnianski, CEO, said: "The Group has once again performed strongly, with good operational progress made against our strategy to diversify operations.
“In the first half, further excellent progress was achieved in the deployment of laundry operations, a key growth driver for the group. As a result, the board anticipates that laundry revenue will become an increasing proportion of total group revenue as we get closer to achieving our mid-term deployment targets."
Numbers in context
Graham Spooner, investment research analyst at The Share Centre, explains what it means for investors: