Half-year profits slump at Photo-Me

Photo-Me International, the photo-booth operator, announced a decline in first half profits after it said it was ‘distracted by failed efforts to sell its core vending business’.

The company said it was unlikely to make a profit in the second half of the year after the uncertainty unnerved customers, employees and suppliers.

Interim profits for the half year to end of October declined to £1.6 million compared with the same period 12 months ago.

Chairman, David Young, said profits plummeted 88% to £1.6 million as sales fell 3% to £107.1 million.

The company described the performance as disappointing but understandable given the turmoil surrounding the group over the last few months. Chairman Vernon Sankey and chief executive Serge Crasnianski caved in to pressure from disgruntled shareholders and were both forced to step down.

The company is based in Surrey and is a major international operator of automatic photo-booths. In addition, it manufactures photographic development and printing equipment.

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