Photo-Me plans sale of three main businesses
20/12/2006
Photo-Me International, the UK-listed photo booth operator, is set to dispose of its three main businesses in 2007, and will return capital to shareholders.
The Bookham-based company abandoned talks for the sale of the business as a whole in November, but said at the time that it would consider selling the vending, mini-lab manufacturing and wholesale lab manufacturing divisions separately. In interim results released on Monday, Photo-Me confirmed that it was pursuing “strategic options” for the three businesses, adding that Photo-Me “should be a very different company within a year”.
Details of company restructuring are expected to be announced in early 2007. Photo-Me has not given any indication of the amount of capital shareholders would be likely to receive, but reports have estimated it to be between £110m and £146m.
Financial results for the six months to 31st October 2006 showed overall group revenue to be up 4.1 percent to £113m, with EBITDA down by £3m to £25.3m.
