Photo-Me dives after profits blow
Shares in photo booth manufacturer Photo-Me International plunged today after the group issued a profits warning for the year.
The UK based company’s share price dropped by as much as 32% as it said profits for the year to April 30 would be “very substantially below” expectations.
The group said a disappointing performance in January continued into the fourth quarter of its financial year, mainly due to its mini-lab digital photo processing business.
Profits fell at the division after a sales shortfall of some 450 units for the financial year, as the company discounted the prospect of winning, for delivery, further contracts during the remainder of the period.
Sales were lower, in general, in mini-lab manufacturing throughout the year amid difficult market conditions.
