Photo-Me ups guidance after stronger than expected start to year

Photo-Me stated that in Japan, it had seen an increase in applications for the Japanese government's social security and taxation photo identification card scheme, the My Number card, given that its photo booths are equipped to scan the unique My Number card QR code that every Japanese citizen receives and match the ID photo to the card application.

As a result, Photo-Me revised its expectations for the trading year ending 31 October, with the firm now expecting to report revenues of between £190-200m, up from £175.0m, while pre-tax profits were now projected to be between £15.0m and £19.0m, previously £9.0m, before exceptional items.

Outside of Japan, trading in the period was in line with the board's expectations, with its multi-country restructuring plans to improve profitability said to be on track to complete at the end of April.

"Nevertheless, economic uncertainty remains across many of the Group's operating markets due to the Covid-19 pandemic, particularly in France which is a major contributor to the group's results, and in Japan and Germany where there is the possibility of a reinforcement of lockdown measures," said Photo-Me.

"The board continues to closely monitor activity across all its end markets and will seek to provide a further update in July 2021 when the Group publishes its interim results."

As of 0945 BST, Photo-Me shares were up 7.32% at 70.40p.