| CATEGORY: SMALL CAPS NEWS SECTOR: LEISURE GOODS |
Photo-Me to take one-off hit |
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Wed 17 Oct 2007
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LONDON (SHARECAST) - Digital photography group Photo-Me will take a hefty one-off charge in the next interim figures following its decision not to sell its vending arm.
"Now that the Vending Division disposal process has been terminated, Photo-Me's interim results will include a significant exceptional charge in relation to professional costs incurred in connection with Photo-Me's strategic review," it said in a trading statement.
The group, which is also looking for a new chief executive, said trading is on track to meet the board's expectations for the year to 30 April 2008.
"In vending, revenues have held up well in each of the major territories of the UK & Ireland, France and Japan, following an improved performance in the important month of September," it said.
"In manufacturing, some sales were delayed but, with a recent substantial minilab contract and the scheduled introduction of new wholesale lab technology, this activity is expected to perform more strongly in the second half, " the statement added.
Earlier this year, disgruntled investors forced chairman Vernon Sankey to step down with immediate effect, while current CEO Serge Crasnianski is going on 30 November.
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