RNS Number : 8369E

Photo-Me International PLC

12 July 2021

12 July 2021

Photo-Me International plc

("Photo-Me" or "the Group")


Good half-year performance

Photo-Me International plc (PHTM.L), the instant-service equipment group, announces its results for the six months ended 30 April 2021 (the "Period").

Results summary

                                         Six months       Six months   Change 
                                              ended            ended 
                                      30 April 2021    30 April 2020 
                                    ---------------  ---------------  ------- 
 Revenue                                   GBP94.6m         GBP91.5m     3.4% 
                                    ---------------  ---------------  ------- 
 EBITDA (excluding associates)(1)          GBP28.7m         GBP16.7m      N/A 
                                    ---------------  ---------------  ------- 
 Reported profit before tax                GBP12.0m       GBP(24.2)m      N/A 
                                    ---------------  ---------------  ------- 
 Adjusted profit before tax(2)             GBP12.9m        GBP(0.1)m      N/A 
                                    ---------------  ---------------  ------- 
 Profit after tax                           GBP9.4m       GBP(21.3)m      N/A 
                                    ---------------  ---------------  ------- 
 Cash generated from operations            GBP22.4m         GBP14.7m    52.4% 
                                    ---------------  ---------------  ------- 
 Gross Cash                                GBP95.3m         GBP65.5m    45.5% 
                                    ---------------  ---------------  ------- 
 Net cash(3)                               GBP16.9m          GBP7.9m   113.9% 
                                    ---------------  ---------------  ------- 
 Earnings per share (diluted)                 2.49p          (5.64)p      N/A 
                                    ---------------  ---------------  ------- 
 Interim dividend per Ordinary                  nil              nil        - 
                                    ---------------  ---------------  ------- 

(1) EBITDA is Reported profit before tax, less total depreciation and amortisation, less other net gain, Finance costs and income. EBITDA for the six months ended 30 April 2020 has been adjusted in order to have comparable data (COVID provision has been added back).

(2) Adjusted profit before tax for the six months to 30 April 2021 is profit before tax adjusted to exclude the restructuring costs, additional impairments and the profit on the sales of Inox assets.

(3) Refer to note 8 for the reconciliation of Net Cash to Cash and cash equivalents as per the financial statements.

Financial summary

-- Revenue was up 3.4% to GBP94.6 million (2020: GBP91.5m), resulting mostly from reduced restrictions on the movement of people and customers compared with the comparative period

   --    EBITDA increased to GBP28.7 million from GBP16.7m(1) million in the prior year period 
   --    Reported profit before tax increased to GBP12.0 million 
   --    Cash generation was up 52.4% 

-- Net cash position of GBP16.9 million, an increase of 113.9% from the same period in the prior year

Operational summary

-- A stronger than anticipated recovery of revenue for Identification business (+3.4%), lost as a result of the COVID-19 pandemic, particularly in Japan, France and the UK

-- Laundry operations continued to perform well with total revenue for laundry operations up 23.2% to GBP23.9 million

-- Expansion of Revolution laundry operation continued, with revenue up 15.8% and the total number of Revolution units in operation up 17.4%

-- Multi-country restructuring plans completed during April 2021 - progressing plans to remove additional unprofitable machines from operation across China and the UK

-- Continued focus on new product innovation and diversification of operations to meet ever-changing consumer needs

   --    Launch of ME Group, new corporate brand strategy to reflect diversification of operations 

Serge Crasnianski, CEO and Deputy Chairman, said:

"The Group has had a better initially expected start to the current financial year, with a promising return to pre-COVID business conditions. We have completed a multi-country restructuring programme which has radically reorganised our business areas and our country management. This includes a restructure of operations in the UK, which is expected to return to a cash positive position in the short-to-medium term.

"We are introducing new photo services and upgrading our photobooths. ID photos are proving to be a sustainable market, serviced through our established network and partnerships with site owners, including in the UK.

"We continue to have a great success in the rollout of our Revolution laundry machines in petrol forecourt locations, and our first 100 self-service apple juice machines have been delivered to the market alongside our 2,700 orange juice machines.

"In addition to the above, our new corporate brand name, ME Group, is being rollout across the Group, which will reinvigorate the Group's relationship with its B2B partners and consumers.

"Looking ahead, I am confident of a return to our fundamentals more quickly than previously expected, unless the COVID situation presents new difficulties."


 Photo-Me International plc               +44 (0) 1372 453 399 
 Serge Crasnianski, Chief Executive & 
  Deputy Chairman 
 Stéphane Gibon, Chief Financial 
 Hudson Sandler                           +44 (0) 20 7796 4133 
 Wendy Baker / Nick Moore                 photo-me@hudsonsandler.com 

An audio webcast of the analyst and investor presentation will be available to download later today at www.photo-me.com


Photo-Me International plc (LSE: PHTM) operates, sells and services a wide range of instant-service vending equipment, primarily aimed at the consumer market.

The Group operates vending units across 18 countries and its technological innovation is focused on four principal areas:

   --      Identification: photobooths and integrated biometric identification solutions 
   --      Laundry: unattended laundry services, launderettes, B2B services 
   --      Kiosks: high-quality digital printing 
   --      Food: vending equipment for the food service market 

The Group entered the self-service fresh fruit juice equipment market in April 2019, with the acquisition of Sempa, the self-service food equipment will become a key business area alongside Identification, Laundry, and Kiosks, and will be a significant part of the Group's future growth strategy.

In addition, the Group operates other vending equipment such as children's rides, amusement machines, and business service equipment.

Whilst the Group both sells and services this equipment, the vast majority of units are owned, operated and maintained by Photo-Me. Photo-Me pays the site owner a commission based on turnover, which varies depending on the country, location and the type of the machine.

The Group has built long-term relationships with major site owners and its equipment is generally sited in prime locations in areas of high footfall such as supermarkets, shopping malls (indoors and outdoors), public transport hubs, and administration buildings (City Halls, Police etc.). Equipment is maintained and serviced by an established network of 650 field engineers.

The Company's shares have been listed on the London Stock Exchange since 1962.


The Board is pleased to report that the Group delivered a good first-half performance following a better start to the current financial year than initially expected. This performance was driven by some recovery in consumer activity, mainly in Continental Europe and in Japan.

Laundry remains a key growth driver for the Group and a further 325 Revolution machines were installed in the Period, despite the challenges presented by the pandemic. Identification performance improved, particularly in Japan which benefited from strong trading momentum in March and April 2021, due to an increase in the adoption of the Japanese government's 'My Number' social security and taxation photo identification card scheme, albeit activity in May 2021 reverted to pre-March 2021 levels.

Furthermore, the Group is continuing its previously announced restructuring programme to improve profitability through the removal, and in some cases relocation, of unprofitable machines.

To capture the opportunity to win contracts to install its vending equipment from multi-country agreements, the Group has put in place a successful key account policy focused on the Group's engagement with international organisations for the installation of photobooths.

Details of the Group's financial performance are set out in the Business and Financial Review.

Business strategy update

The Group sells and services a wide range of instant-service equipment, primarily aimed at the end consumer. It operates across 18 countries and is focused on four principal business areas: Identification, Laundry, digital Kiosks, and Food.

The Group's key investment priorities are the continued expansion of the Laundry business and the growth of its Food business, through organic growth, new product development and selected bolt-on acquisitions which meet the Group's return-on-investment criteria. The Board continues to expect that over time these two business areas will contribute an increasing proportion of total Group revenue and profit.

New product innovation remains central to the Group's growth strategy as it continues to diversify operations in response to ever-changing consumer needs. The R&D team is working on new projects to support future growth, with a focus on digital transformation and innovation in Identification. Further details on Innovation and Diversification initiatives are set out in the Business and Financial Review.

Since the Period end, the Group has taken first commercial steps to expand its operations into Finland. Furthermore, the Board is considering opportunities to further extend its geographic footprint through organic growth in Europe, Scandinavia and Australasia.

New corporate brand strategy - "ME Group"

The breadth and reach of Photo-Me's operations have changed hugely in recent years as the Board's strategy to evolve and diversify the Group's operations, with innovation at its core, has been successfully implemented. Best known for its photobooths and printing kiosks, the Group has a growing presence in the laundry market and aspirations to be a leader in the food vending equipment market.

To strengthen the Group's brand strategy and reflect the shape of the Group today, Photo-Me International PLC is in the process of launching a new corporate brand "ME Group", reflecting the wide range of easy to use and convenient vending products and solutions offered by the Group. The "ME Group - Making Easy" branding will be rolled out across all of the Group's countries of operation in the coming months.

In addition, to reinvigorate the Group's marketing amongst its customers and consumers, the essence of the ME Group brand will be captured in each of the Group's principal business areas. Identification will be known as Photo.ME, Kiosks will be known as Print.ME, Laundry as Wash.ME and KIS Food as Feed.ME.

Some of the Group's best-known consumer brands will coexist with the ME Group brand in the short-to-medium term, including Revolution Laundry across all geographies, Photomaton(R) in France and Photo-Me in the UK.

The new brand strategy is an exciting and important development for the Group which will support its growth strategy and continued diversification to meet the needs of customers and consumers today and in the future.

Photo-Me International PLC will remain the Group's listed entity name.


The Board will continue to review the dividend policy and align any future dividend payments to the performance of the business and its investment strategy. Shareholders' distributions for the financial year ended 31 October 2021 will be subject to FY2021 performance. There is no restriction of shareholder distributions as long as the Group has enough cash to pay the dividends without using PGE funds.

The Board

On 23 June 2021, the Group announced changes to the composition of the Board with the appointment of four new members. Tania Crasnianski was appointed as an Executive Director, and Camille Claverie, René Proglio and Sigieri Diaz della Vittoria Pallavicini were appointed as Non-executive Directors.

The Board has been working hard to refresh its membership for some time as it continues to plan for succession for both Executive and Non-executive Directors. The Board believes that the new appointments bring a wealth of skillsets and experience as the Group continues to implement its growth strategy.

The Board is delighted to welcome the aforementioned and looks forward to working together to drive forward the Group's growth strategy.

The previously announced 20% voluntary salary reduction for all members of the Board from 1 July 2020, to preserve the Group's cash position during government lockdowns, w ill cease on 1 August 2021.

Corporate responsibility

The Board recognises the Group's responsibilities to the community and the environment and believes that health, safety, and environmental issues are integral and important components of best practice in business management.

To this end, the Group is working on the methodology and framework ahead of launching its comprehensive corporate social responsibility policy. This policy will support its growth strategy by integrating social, environmental, and economic expectations into the Group's strategy and operations. The aim is to strengthen the link between internal teams and external stakeholders to best meet the expectations of all stakeholders. The Group will provide a further update when it announces its FY2021 results.

Looking ahead

The Group started the 2021 financial year strongly, driven by an uptick in applications for the My Number card in Japan and encouraging trading across France in the six months ended 30 April 2021, which resulted in better than expected performance across the Group. Consequently, in April the Board revised its expectations for the financial year ending 31 October 2021. Revenue was expected to be between GBP190 million and GBP200 million (before exceptional items), and profit before tax between GBP15 million and GBP19 million (before exceptional items).

Although economic uncertainty remains across many of the Group's operating markets due to the COVID-19 pandemic, the positive trading momentum during the first six months of the financial year means that the Board now believes the Group will exceed its revised expectations for the current financial year ending 31 October 2021. Revenue is now expected to be approximately GBP200 million and profit before tax (before impairment and exceptional items) is expected to be in the range of GBP21 million to GBP24 million.

The Group is focused on investing in innovation and diversification to drive its growth strategy. This, alongside improving market conditions, is expected to continue to benefit the Group in FY2022 and anticipates that profits in that year will be broadly similar to FY2019 levels.

The Group has a strong cash position and the Board remains confident in its long-term growth strategy, and its ability to continue to adapt to and operate in the new consumer environment.


Financial performance


Reported revenue for the six months ended 30 April 2021 was GBP94.6 million, an increase of 3.4% compared with the six months ended 30 April 2020, mainly driven by (i) a continued good performance from Laundry operations, with total revenue from Laundry operations up 23.2% and revenue from Revolution units up 15.8%, and (ii) a good Identification business performance in Continental Europe (France) and stronger than anticipated trading momentum in Japan. Across all key financial metrics, the Group delivered an improved performance when compared with the six months ended 30 April 2020, which was suddenly and dramatically impacted by the onset of the pandemic.

Reported EBITDA (excluding associates) was GBP28.7 million, which delivered an EBITDA margin of 30.3% (30 April 2020: 18.0%). This compared with EBITDA of GBP16.7 million for the six months ended 30 April 2020 which was dramatically impacted by the onset of the pandemic.

Profit after tax was GBP9.4 million, including a GBP1.3 million provision for the write down of machines in China, and a GBP0.3 million one-off cost related to reorganisation of the UK business. This compared with a reported loss of GBP21.3 million for the six months ended 30 April 2020.

Notably, when compared with pre-pandemic trading, the Group delivered approximately 87% of reported revenue, and approximately 93% of EBITDA reported in the six months ended 30 April 2019.

The Group remained cash flow positive, with improved cash generation of GBP22.4 million reflecting some recovery in consumer activity levels. This compared with cash flow generation of GBP14.7 million for the six months ended 30 April 2020.

Capital expenditure was GBP22.5 million, mainly related to Laundry capex (GBP8.1 million) and Photo Plaza investment (GBP7.9 million). The remainder relates to photobooths, and other plant and equipment.

The table below provides a reconciliation of reported profit before tax to adjusted profit before tax and a breakdown of exceptional items, provisions and impairment.

                                            Six months   Six months 
                                                 ended        ended 
                                              30 April     30 April 
                                                  2021         2020 
                                           -----------  ----------- 
 Reported profit before tax                   GBP12.0m   GBP(24.2)m 
 Discontinued operations - Loss of Max               -      GBP0.5m 
  Sight Holding investment 
 Exceptional items - restructuring costs       GBP0.3m      GBP1.1m 
 Exceptional items -impairments                GBP1.3m     GBP22.4m 
 Exceptional items - Sales of Inox assets    GBP(0.7)m            - 
 Adjusted profit before tax                   GBP12.9m    GBP(0.1)m 

Funding and liquidity

As at 30 April 2021, the Group had gross cash of GBP95.3 million, and a net cash balance of GBP16.9 million. The Group continues to comply with its banking covenants. The Group is no longer accessing government job support schemes, but received GBP0.7 million during the Period.

The Board continues to believe it has sufficient liquidity to continue to navigate the disruption caused by the pandemic.

Update on restructuring programmes

By the end of April 2021, the Group had substantially completed its previously announced restructuring programme to remove unprofitable machines, primarily photobooths and children's rides. These programmes were implemented to address the significant loss in Identification revenue and to better align operations with the anticipated lower level of consumer activity in the wake of the pandemic.

In total approximately 5,000 machines have been removed from the vending estate. Of this, around 3,800 machines were removed from the UK (mainly children's rides and photobooths), 444 from China and 1,000 across Continental Europe (primarily France, the Netherlands and Spain). Some of these machines will be relocated. The Group has continued to expand by installing 1,500 machines in Europe and 1,700 machines in Japan (including Plaza Create machines). As a result, the net movement is a decrease of 442 machines. In South Korea, the Group impaired 200 units. Transportation costs for photobooth relocation have increased and in some instances the Group has paused removals subject to these costs and the recent revenue performance of the machines.

Whilst the Board will continue to take further action if required, the restructuring programme is now substantially complete, except for the UK, where an additional restructuring plan has been smoothly implemented at a cost of GBP0.3 million, and in China (GBP1.3 million of additional machine impairment).

Overview of principal business areas

Below is an overview of the Group's four principal business areas: Identification, Laundry, digital Kiosks and Food. In addition, the Group operates other vending equipment, such as children's rides and photocopiers. KIS Food is focused on vending equipment for the food service market.


Photobooths and integrated biometric identification solutions

                                     Six months   Six months     Change 
                                          ended        ended 
                                       30 April     30 April 
                                           2021         2020 
                                    -----------  -----------  --------- 
   Number of units in operation          28,095       28,537     (1.5)% 
 % of total Group vending estate 
  (units)                                 62.9%        60.7%       3.6% 
 Total revenue                         GBP52.5m     GBP51.9m       1.2% 
 Capex                                  GBP3.3m      GBP3.3m       0.3% 

Identification revenue grew by 1.2% to GBP52.5 million. The recovery in photobooth revenue was faster than expected during the second quarter (mainly in France), and was driven by strong activity levels in Japan due to 'My Number' applications.

In the UK, the trading environment remained extremely challenging due to the impact of the pandemic on consumer activity alongside the Government's policy to accept photos taken at home for official documents and passport identification. In China, the trading environment also remained difficult and a recovery in activity is not expected in the short-to-medium term.

As previously announced, action was taken across the Identification vending estate to remove unprofitable machines and mitigate lower activity levels.

As a result, t he total number of photobooths in operation at 30 April 2021 reduced by 1.5% to 28,095 units. Identification accounted for 62.9% of the Group's total vending units.

Capex was GBP3.3 million, an increase of 0.3% mainly due to the refurbishing of removed machines on new sites instead of purchasing new machines. In addition, new contactless card payment systems are being installed initially in photobooths in the UK and France. This system will make payment easier for customers and will give the Group greater flexibility over pricing. The plan is to roll out this payment system across the photobooth estate over time.

The Group remains confident in the longer-term opportunity in the photobooth market and the Group is investing in development of a new, more digitalised photobooth (further details in the Innovation and Diversification section below).


Unattended Revolution laundry services, launderettes, business-to-business laundry services

                                            Six months   Six months     Change 
                                                 ended        ended 
                                              30 April     30 April 
                                                  2021         2020 
                                           -----------  -----------  --------- 
   Total Laundry units deployed (owned, 
   sold, acquisitions)                           5,298        5,471     (3.2)% 
 Total revenue from Laundry operations        GBP23.9m     GBP19.4m      23.2% 
   Revolution (excludes Launderettes 
   and B2B): 
 Number of Revolution units in operation         3,762        3,205      17.4% 
 % of total Group vending estate (number 
  of units)                                       8.4%         6.6%      27.3% 
 Total revenue from Revolution                GBP18.4m      GBP15.9      15.8% 
 Revolution capex                              GBP8.1m       GBP4.9      64.7% 

Total revenue from Laundry operations grew by 23.2% to GBP23.9 million, driven by growth in its Revolution laundry business.

The total number of Laundry units deployed (owned, sold and acquired), reduced by 3.2% due to the Board's decision to withdraw from UK B2B operations following the collapse in activity during the pandemic. The Group continues to operate B2B Laundry services in Spain under a franchise model. The Board continues to review its Launderette operations and remove or sell unprofitable machines.

Growth of Revolution operations

Revolution laundry operations remain a key driver of growth for the Group and a further 325 units were deployed during the Period (an average of 55 units per month). Revolution machines now account for 8.4% of the total Group vending estate by number of units.

Total revenue from Revolution operations grew by 15.8% to GBP18.4 million, with revenue growth reported in all three geographic regions of operation. This growth was supported by the easing of lockdowns, and the increase in units in operation. However, the average revenue per machine declined slightly because of the pandemic and because of the number of new machines installed, which initially generate lower revenue than established machines.

Furthermore, the Group won new contracts with petrol forecourt operators and retailers, such as EG Group and Circle K, for the rollout of Revolution units in accessible and convenient locations for consumers in the UK, Ireland, France, Switzerland, and the Netherlands.

Revolution capex increased by 64.7% to GBP8.1 million, reflecting the Group's focus on expansion of Revolution operations primarily in the UK, Ireland, Portugal and France. The Group plans to return to an average of 70 Revolution installations per month as lockdown restrictions continue to be eased.

The Group has continued to actively work to reduce its impact on the environment. Photovoltaic solar panels have now been installed on 100 Revolution units in France, with plans to rollout this initiative to other geographies, which will equate to a reduction in energy use by approximately 20%. The Group is also working on the introduction of a new fabric softener with eco-label standards.


High-quality digital printing services

                                    Six months   Six months     Change 
                                         ended        ended 
                                      30 April     30 April 
                                          2021         2020 
                                   -----------  -----------  --------- 
   Number of units in operation          5,211        5,497     (5.2)% 
 % of total Group vending estate 
  (units)                                11.7%        11.7%          - 
 Revenue                               GBP6.0m      GBP5.5m       9.1% 
 Capex                                 GBP0.2m      GBP0.8m    (75.0)% 

Revenue was GBP6.0 million, an increase of 9.1%, reflecting an improving trend in consumer activity levels during the Period as lockdown restrictions were eased in France, the UK and Switzerland.

The total number of Kiosks in operation at 30 April 2021 was 5,211, a reduction of 5.2% due to the removal of unprofitable machines. Kiosks accounted for 11.7% of the total number of vending units in operation.

Capex was 75% lower in the Period at GBP0.2 million in line with the Group's ongoing strategy to limit kiosk investment to premium sites, and focus capex on the expansion of Laundry operations.

Other vending equipment

Outside of the Group's four principal business areas, it operates other vending units, which includes children's rides, photocopiers and other miscellaneous machines. These machines are primarily situated alongside the Group's principal activities, and benefit from existing site owner relationships and where operating synergies can be captured, such as leveraging the same 650-strong field engineer and maintenance network.

Consumer demand for these machines has been significantly impacted by the pandemic and social distancing rules. Consequently, unprofitable machines have been removed as part of the restructuring programme.

At 30 April 2021, the Group operated 7,509 other vending units. These machines account for 16.8% of the Group's total vending estate by number of units and 5.7% of the total Group revenue.

KIS Food

At 30 April 2021, there were 2,700 fresh fruit juice machines in activity. The revenue in the Period was GBP3.2 million, contributing 3.4% to total Group revenue. The widespread closure of restaurants and hotels due to the pandemic has impacted fresh fruit juice machine sales.

The professional apple and pineapple machines developed by the R&D team for commercial use are ready for deployment to target end markets, such as the hospitality sector. The pace of rollout has been delayed due to the pandemic, with approximately 100 apple juice machines installed to date and further rollout planned for the current financial year. In addition, a prototype of a new grape juice machine is being tested, and the Group has developed a 'juice wall concept' which offers a variety of self-service fresh juice options, two of which have been deployed to date. A further update on these and other expansion opportunities and initiatives will be provided in due course.

The Group's aim is to become the food vending equipment market leader in France by 2023, and it plans to deploy these machines in all the countries where the Group operates.

Post balance sheet events

Acquisition of pizza vending machine manufacturer

Following the Period end, the Group acquired Resto'Clock, a French manufacturer of pizza vending machines (top 3 vending machine player) for a net cash consideration of GBP3.1 million. These vending machines offer consumers pizzas 24/7 and are ready in four minutes. The Group will integrate the acquisition into KIS Food and will sell or lease machines to customers and offer a maintenance contract. Philippe Starck, the well-known French designer, will design the pizza machines which are aimed at the B2B hospitality market (restaurants and takeaway). The Group plans to scale up production from 40 machines per year to c100 machines per month by the end of 2023, with the aim of becoming a leader in this market.

The Board has identified pizza vending as a growth opportunity and believes it is well placed to establish a presence in the market, supported by its strong site owner relationships and network of field engineers.

Innovation and Diversification

Development of indoor Revolution laundry machine

The Group's in-house R&D team in France is developing an indoor format of the Revolution machine for the B2B market for customers including supermarkets, petrol stations, universities, and hospitality businesses. The Group will rent machines, which will be approximately one square metre in size, to customers and will have a maintenance contract. The customer will manage the unit day-to-day.

Next generation photobooth

The Group is working on its next generation photobooth, which is being designed by French designer Philippe Starck, to further enhance customer experience. In addition, the R&D team is developing new 'fun' features such as filters, vintage style, and portrait editing to diversify the Group's product offer via its photobooth estate and attract younger consumers.

The Group has also developed an "anti-spoofing" solution for ID photos to avoid risk of fraud, an area of focus for governments. This technology is unique in the world. By using five different shots, taken with five different cameras, the system analyses the shadows and detects if there is an attempt of fraud (a portrait is placed in front of the camera). Other initiatives include biometrics, verification of identity documents and fingerprints.

Digitalisation of instant vending services

Looking to the future, in a world where technology continues to play an increasing role in our day-to-day lives, the Group is at the early stages of developing a 5G cloud architecture for its vending machine estate, which will bring together its full product offer onto one platform driven by its website, and will enable digital services such as applications, mobile-to-print and cloud storage. In addition, there will be a loyalty programme which is expected to increase the use of the Group's vending equipment. The Group aims to launch these services in the calendar year 2022.


The Group reports its financial performance based on three geographic regions of operation: (i) Continental Europe; (ii) the UK & Republic of Ireland; and (iii) Asia.

The Group's financial performance is set out below, in line with the segments as operated by the Board and the management of Photo-Me and is consistent with the information prepared to support the Board's decision-making. Although the Group is not managed around product lines, some commentary below relates to the performance of specific products in the relevant geographies.

Revenue by geographic region

                                  Six months    Six months ended    Change 
                                       ended       30 April 2020 
                               30 April 2021 
 Continental Europe                 GBP58.7m            GBP52.5m     11.9% 
 UK & Republic of Ireland           GBP13.3m            GBP19.0m   (29.9)% 
 Asia                               GBP22.5m            GBP19.9m     13.1% 
                            ----------------  ------------------  -------- 
 Total                              GBP94.6m            GBP91.5m      3.4% 
                            ----------------  ------------------  -------- 

Operating profit by geographic region

                                  Six months    Six months ended   Change 
                                       ended       30 April 2020 
                               30 April 2021 
 Continental Europe                 GBP10.1m           GBP(9.9)m   201.7% 
 UK & Republic of Ireland            GBP2.0m          GBP(11.0)m   118.4% 
 Asia                                GBP2.7m             GBP1.1m   143.8% 
                            ----------------  ------------------  ------- 
 Corporate costs                   GBP(1.3)m           GBP(2.8)m    51.9% 
                            ----------------  ------------------  ------- 
 Total                              GBP13.4m          GBP(22.6)m   159.4% 
                            ----------------  ------------------  ------- 

Operating revenue evolution (last six months by quarter)

The table below provides a detailed breakdown of operating revenue evolution by geographic region and business area in Q1 FY2021 vs November 2019 to January 2020, Q2 FY2021 vs February to April 2020 and H1 FY2021 vs November 2019 to April 2020.

                          Nov 2020      Feb 2021  Nov 2020 to Apr 
                       to Jan 2021   to Apr 2021             2021 
--------------------  ------------  ------------  --------------- 
 Identification              -6.6%         36.1%            13.7% 
 Kiosks                      -3.8%         58.6%            16.1% 
 Laundries                    1.0%         29.4%            12.9% 
 Other Vending              -20.2%          7.7%           -10.4% 
--------------------  ------------  ------------  --------------- 
 Total                       -4.7%        +35.2%           +12.8% 
--------------------  ------------  ------------  --------------- 
 Identification             -50.1%        -32.0%           -41.4% 
 Kiosks                     -44.3%          3.2%           -28.6% 
 Laundries                   15.4%         20.9%            17.8% 
 Other Vending              -78.3%        -77.5%           -78.0% 
--------------------  ------------  ------------  --------------- 
 Total                      -34.4%        -21.7%           -28.7% 
--------------------  ------------  ------------  --------------- 
 Identification             -15.4%         41.4%            13.8% 
 Kiosks                     -15.1%         -1.1%            -8.4% 
 Laundries                   39.6%         50.1%            44.2% 
 Other Vending              -57.3%        238.6%           -15.5% 
--------------------  ------------  ------------  --------------- 
 Total                      -17.8%         43.3%            12.7% 
--------------------  ------------  ------------  --------------- 
 Identification             -16.9%         27.3%             4.8% 
 Kiosks                      -7.9%         51.9%            11.3% 
 Laundries                    5.0%         27.1%            14.4% 
 Other Vending              -52.3%        -24.1%           -42.6% 
--------------------  ------------  ------------  --------------- 
 Total                      -13.7%         26.2%             4.5% 
--------------------  ------------  ------------  --------------- 

Vending units in operation

                               At 30 April 2021       At 31 April    Change 
                               No. of      % of   No. of     % of 
                                units     total    units    total 
 Continental Europe            24,913     55.8%   25,597    54.4%    (2.7)% 
 UK & Republic of Ireland       8,356     18.7%   11,198    23.8%   (25.4)% 
 Asia                          11,371     25.5%   10,221    21.8%     11.3% 
                            ---------  --------  -------  -------  -------- 
 Total                         44,640    100.0%   47,016   100.0%    (5.1)% 
                            ---------  --------  -------  -------  -------- 

In line with the Group's strategy to remove unprofitable machines from its estate, the total number of vending units in operation reduced by 5.1% to 44,640 vending units (at 30 April 2020: 47,016).

The UK saw the most substantial reduction, due to the removal of approximately 3,000 unprofitable machines (mainly children's rides and photobooths) as part of the restructuring programme. In Asia, the increase is due to an acquisition in Japan which added 1,500 units to operations in the region.

Continental Europe

As at 30 April 2021, there were 24,913 units in operation in the region, which represented 55.8% of the Group's total vending estate. Continental Europe remains the largest region of operation by both machine volume and contribution to total Group revenue.

Revenue was GBP58.7 million, an increase of 11.9%. This performance was due to an improving revenue trend compared to the six months ended 30 April 2020, with operating revenue for Identification up 13.7%, Laundry up 12.9% and Kiosks up 16.1%. The increase is more significant in France and Germany. However, other vending revenue declined by 10.4%. The region contributed 62.1% of total Group revenue.

Excluding GBP12.5 million of impairment and provision in the prior year period, operating profit increased by 288.0% to GBP10.1 million reflecting a better performance in revenue and the benefit of rent renegotiation.

UK & Republic of Ireland

Revenue was GBP13.3 million, down 29.9%. The performance of this region continued to be impacted by two factors. Firstly, the identification market for official documents remains extremely challenging due to the UK government's acceptance of home-taken photographs. Secondly, the pandemic has had a dramatic impact on activity levels for all products. Operating revenue from Identification was down 41.4%, Kiosks was down 28.6% and other vending equipment was down 78.0% compared with the six months ended 30 April 2020. The Board has taken action to better align its estate to consumer demand through the restructuring programme implemented.

In contrast, Laundry operations performed strongly, up 17.8% when compared with the six months ended 30 April 2020. A further 162 Revolution units were installed in the region in the Period.

There was an operating profit of GBP2.0 million. The reorganisation in the UK, including the removal of the unprofitable machines, the site rent renegotiations, and the labour costs savings are the main factors of this profitability. Excluding a GBP0.3 million provision for restructuring operations in the UK, operating profit was GBP2.3 million compared with a loss of GBP0.8m last year before GBP10.2 million of provision and impairment. This proves the efficiency of the reorganisation in the UK and the country is expected to return to a cash positive position in the short-to-medium term.

At 30 April 2021, 8,356 units were in operation, a reduction of 25.4%, and 18.7% of the Group's vending estate was located in the UK & Republic of Ireland.


Revenue in the region increased by 13.1% to GBP22.5 million. This performance was driven by strong trading momentum in the Group's Identification business in Japan owing to the My Number card, the Japanese government's social security and taxation photo identification card scheme. The Group's photobooths in Japan are equipped to scan the unique "My Number card" QR code that every Japanese citizen has received, and match the ID photo to the card application. The scheme (launched in 2015) is not mandatory, nevertheless a government-backed incentive scheme to promote citizen applications was introduced in September 2020 and is due to run until September 2021, and this scheme has resulted in a significant increase in citizen applications during the six-month period.

On 1 February 2021, the Group acquired Photo Plaza and integrated the business into its existing operations in Japan during Q2. This acquisition added a further 1,500 photobooth units to the Group's operations in Asia, and consequently an additional GBP1.4 million of revenue in the last two months of the Period.

In China, trading has continued to be challenging primarily due to the ongoing impact of the COVID-19 pandemic, and the Group does not expect this to change in the short-to-medium term. Consequently, 444 photobooths have been removed from the Group's Chinese operations in the Period. This resulted in an impairment charge of GBP1.3 million related to machines.

Operating profit after the impairment charge was GBP2.7 million and GBP4.0 million before the impairment charge, compared to GBP2.1 million before impairment charge last year.

At 30 April 2021, 11,371 units were in operation, an increase of 11.3%, which represented 25.5% of the Group's total units in operation which were situated in Asia.


Similar to any business, the Group faces risks and uncertainties that could impact the achievement of the Group's strategy. These risks are accepted as inherent to the Group's business. The Board recognises that the nature and scope of these risks can change; it therefore regularly reviews the risks faced by the Group as well as the systems and processes to mitigate them.

The table below sets out what the Board believes to be the principal risks and uncertainties, their impact, and actions taken to mitigate them.

 Nature of the risk           Description and impact         Mitigation 
---------------------------  -----------------------------  -------------------------------------------------------- 
   COVID-19                   The COVID-19 pandemic          The Group has exercised 
                              has and may continue            a number of measures 
                              to cause major disruption       to protect the business 
                              to worldwide markets            and preserve cash during 
                              and supply chains,              the COVID-19 crisis, 
                              including those that            including but not limited 
                              Photo-Me operates               to: 
                              within. Widespread              Focusing on the health 
                              governmental lockdown           and safety of employees, 
                              measures, such as               other stakeholders and 
                              travel bans and restrictions    the public at large, 
                              on the movement of              stringent measures have 
                              people, have significantly      been implemented across 
                              impacted the Group's            the Group's businesses 
                              business areas, particularly    in line with guidance 
                              Identification and              of governments, the 
                              children's rides due            World Health Organization 
                              to significantly lower          and other relevant authorities 
                              consumer demand for             across the territories 
                              its products and services.      in which the Group operates. 
                              In addition, lockdown           Measures taken include 
                              has restricted the              providing employees 
                              ability of the Group's          with face shields, surgical 
                              field engineers to              masks, gloves, hand 
                              service and replenish           sanitiser and a disinfectant 
                              machines.                       to safely clean the 
                                                              Group's equipment. 
                                                              Reducing capital and 
                                                              other expenditure including 
                                                              loan repayment deferrals, 
                                                              obtaining additional 
                                                              credit facilities and 
                                                              government job retention 
                                                              schemes. The Group has 
                                                              also adopted use of 
                                                              the NHS Test and Trace 
                                                              app across the entire 
                                                              The Group continues 
                                                              to monitor the COVID-19 
                                                              situation closely and 
                                                              continually reviews 
                                                              operational practices, 
                                                              updating its practices 
                                                              in line with government 
                                                              guidance and other relevant 
   Global economic            Economic growth has            The Group focuses on 
    conditions                 a major influence              maintaining the characteristics 
                               on consumer spending.          and affordability of 
                               A sustained period             its needs-driven products. 
                               of economic recession          The Group can and has 
                               could lead to a decrease       exercised the temporary 
                               in consumer expenditure        non-payment of dividends 
                               in discretionary areas.        to further mitigate 
                                                              reduced consumer spend. 
   Volatility of foreign      The majority of the            The Group hedges its 
    exchange rates             Group's revenue and           exposure to currency 
                               profit is generated           fluctuations on transactions, 
                               outside the UK, and           as relevant. However, 
                               the Group results             by its nature, in the 
                               could be adversely            Board's opinion, it 
                               impacted by an increase       is very difficult to 
                               in the value of sterling      hedge against currency 
                               relative to those             fluctuations arising 
                               currencies.                   from translation in 
                                                             consolidation in a cost-effective 
  -------------------------  -----------------------------  -------------------------------------------------------- 
     Centralisation of          In many European countries    The Group has developed 
     the production of          where the Group operates,     new systems that respond 
     ID photos                  if governments were           to this situation, leveraging 
                                to implement centralised      3D technology in ID 
                                image capture, for            security standards, 
                                biometric passport            and securely linking 
                                and other applications,       our booths to the administration 
                                or widen the acceptance       repositories. Solutions 
                                of self-made or home-made     are in place in France, 
                                photographs for official      Ireland, Germany, Switzerland 
                                document applications,        and the UK; discussions 
                                the Group's revenues          in Belgium and the Netherlands). 
                                and profits could             Furthermore, the Group 
                                be affected.                  also ensures that its 
                                                              ID products remain affordable 
                                                              and of a high quality. 
   Brexit                     The UK left the EU             The Board is continually 
                               on 31 January 2020.            reviewing the potential 
                               This will lead to              impact on the Group's 
                               changes in UK regulations      operations of the UK's 
                               as modifications to            leaving the EU. 
                               numerous arrangements 
                               between the UK and             Any potential developments, 
                               other members of the           including new information 
                               EU and EEA, affecting          and policy indications 
                               trade and customs              from the UK Government 
                               conditions, taxation,          and the EU, will be 
                               movements of resources,        scrutinized with a view 
                               among other things.            to enhancing the Group's 
                                                              ability to take appropriate 
                                                              action targeted at managing 
                                                              and, where possible, 
                                                              minimising adverse repercussions 
                                                              of Brexit. 
                                                              The specific impact 
                                                              of Brexit on the Group 
                                                              will depend on the details 
                                                              of any potential renegotiation 
                                                              of the Brexit deal between 
                                                              the UK and the EU. 
                                                              The business carried 
                                                              out post- transition 
                                                              impact assessments to 
                                                              include all customs 
                                                              documentation, licences, 
                                                              permits, consents, certificates, 
                                                              rules of origin, commodity 
                                                              codes, and delays at 
                                                              the borders. 
                                                              The Board foresees that 
                                                              in the short-term the 
                                                              negative impact of the 
                                                              uncertainty overshadowing 
                                                              the general UK economy 
                                                              could spill over into 
                                                              the Group's UK operations. 
  -------------------------  -----------------------------  -------------------------------------------------------- 
    Identification of           The failure to identify        Management teams constantly 
    new business                new business areas             review demand in existing 
    opportunities               may impact the ability         markets and potential 
                                of the Group to grow           new opportunities. The 
                                in the long-term.              Group continues to invest 
                                                               in research in new products 
                                                               and technologies. 
   Inability to deliver       The realisation of             The Group regularly monitors 
    anticipated benefits       long-term anticipated          the performance of its 
    from the launch            benefits depends mainly        entire estate of machines. 
    of new products            on the continued growth        New technology-enabled 
                               of the laundry business        secure 
                               and the successful 
                               development of integrated      ID solutions are heavily 
                               secure ID solutions.           trialed before launch 
                                                              and the performance of 
                                                              operating machines is 
                                                              continually monitored. 
  -------------------------  -----------------------------  ---------------------------------------------------------- 
    Commercial                 The Group has                   The Group's major key 
    relationships              well-established,               relationships are supported 
                               long-term relationships         by medium-term contracts. 
                               with a number of                We actively manage our 
                               site-owners.                    site-owner relationships 
                               The deterioration               at all levels to ensure 
                               in the relationship             a high quality of service. 
                               with, or ultimately 
                               the loss of, a key 
                               account would have 
                               an adverse, albeit 
                               contained, impact 
                               on the Group's results, 
                               bearing in mind that            The Group continues 
                               the Group's turnover            to monitor the situation 
                               is spread over a large          in both the French and 
                               client base and none            the UK markets. 
                               of the accounts represent 
                               more than 2% of Group 
                               To maintain its 
                               the Group needs to 
                               have the ability to 
                               continue trading in 
                               good conditions in 
                               France and the UK, 
                               taking into account 
                               the situation in these 
                               two countries. 
  -------------------------  -----------------------------  -------------------------------------------------------- 
     Reliance on foreign            The Group sources              Extensive research 
     manufacturers                  most of its products           is conducted into quality 
                                    from outside the UK.           and ethics before the 
                                    Consequently, the              Group procures products 
                                    Group is subject to            from any new country 
                                    risks associated with          or supplier. The Group 
                                    international trade.           also maintains very 
                                                                   close relationships 
                                                                   with both its suppliers 
                                                                   and shippers to ensure 
                                                                   that risks of disruption 
                                                                   to production and supply 
                                                                   are managed appropriately. 
   Reliance on one single         The Group currently            The Board has decided 
    supplier of consumables       buys all its paper              to hold a strategic 
                                  for photobooths from            stock of paper, allowing 
                                  one single supplier.            for 6 -10 months' worth 
                                  The failure of this             of paper consumption, 
                                  supplier could have             to allow enough time 
                                  a significant adverse           to put in place alternative 
                                  impact on paper procurement.    solutions. 
   Reputation                     The Group's brands             The protection of the 
                                   are key assets of              Group's brands in its 
                                   the business. Failure          core markets is sustained 
                                   to protect the Group's         by products with certain 
                                   reputation and brands          unique features. The 
                                   could lead to a loss           appearance of machines 
                                   of trust and confidence.       is subject to high 
                                   This could result              maintenance standards. 
                                   in a decline in our            Furthermore, the reputational 
                                   customer base.                 risk is diluted as 
                                                                  the Group also operates 
                                                                  under a range of brands. 
   Product and service            The Board recognises           The Group continues 
    quality                        that the quality and           to invest in its existing 
                                   safety of both its             estate, to ensure that 
                                   products and services          it remains contemporary, 
                                   is of critical importance      and in constant product 
                                   and that any major             innovation to meet 
                                   failure will affect            customer needs. The 
                                   consumer confidence.           Group also has a programme 
                                                                  in place to regularly 
                                                                  train its technicians. 
     Failure to keep              The Group operates            The Group mitigates 
     up with advances             in fields where upgrades      this risk by continually 
     in technology                to new technologies           focusing on R&D. 
                                  are mission-critical. 
   Cyber risk: Third            The Group operates             The Group performs 
    party attack on              an increasing number           an ongoing assessment 
    secure ID data transfer      of photobooths capturing       of the risks and ensures 
    feeds                        ID data and transferring       that the infrastructure 
                                 these data it directly         meets the security 
                                 to government databases.       requirements. 

Group Condensed Statement of Comprehensive Income

for the six months ended 30 April 2021

                                                   Unaudited                        Unaudited                               Audited 
                                                  Six months                       Six months                             18 months 
                                                          to                               to                                    to 
                                                    30 April                         30 April                            31 October 
                                                        2021                             2020                                  2020 
                      Notes                         GBP '000                         GBP '000                              GBP '000 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Revenue                  3                           94,581                           91,526                               310,245 
 Cost of Sales                                      (69,019)                         (80,178)                             (255,258) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Gross Profit                                         25,562                           11,348                                54,987 
 Other Operating 
  Income                                                 156                              185                                   910 
  Expenses                                          (12,289)                         (34,077)                              (52,580) 
 Share of Post-tax 
 losses from 
 associates                                                -                             (37)                                     - 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
  Profit/(loss)           3                           13,429                         (22,581)                                 3,317 
 Other net 
  gains/(losses)          3                               20                            (644)                                 (283) 
 Finance revenue                                                                            -                                    51 
 Finance cost                                        (1,442)                            (979)                               (2,593) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
  before tax              3                           12,007                         (24,204)                                   492 
 Total Tax 
  (charge)/credit         4                          (2,611)                            2,842                               (2,844) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Profit/(loss) for 
  the period                                           9,396                         (21,362)                               (2,352) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Items that are or 
 may subsequently 
 be classified to 
 Profit and Loss: 
  on Translation of 
  Operations                                         (1,402)                            2,183                                 3,948 
 Taxation on 
  differences                                            (7)                              (3)                                   (3) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Total Items that 
  are or may 
  be classified to 
  profit and loss                                    (1,409)                            2,180                                 3,945 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Items that will 
 not be classified 
 to profit and 
  gains in defined 
  obligations and 
  obligations                                              -                                -                                   340 
 Deferred tax on 
  gains                                                    -                                -                                  (65) 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Total Items that 
  will not be 
  classified to 
  Profit and Loss                                          -                                -                                   275 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
  for the period 
  net of tax                                         (1,409)                            2,180                                 4,220 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
  for the period                                       7,987                         (19,182)                                 1,869 
-------------------  ------  -------------------------------  -------------------------------  ------------------------------------ 
 Profit for the 
 Year Attributable 
 Owners of the 
  Parent                                               9,396                         (21,362)                               (2,305) 
  interests                                                -                                -                                  (47) 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 
                                                       9,396                         (21,362)                               (2,352) 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 
 attributable to: 
 Owners of the 
  Parent                                               8,044                         (19,200)                                 1,888 
  interests                                             (57)                               18                                  (19) 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 
                                                       7,987                         (19,187)                                 1,869 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 
 Earnings per Share 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 
 Basic Earnings per 
  Share                             6                  2.49p                          (5.64)p                               (0.62)p 
 Diluted Earnings 
  per Share                         6                  2.48p                          (5.64)p                               (0.62)p 
-------------------  ----------------  ---------------------  -------------------------------  ------------------------------------ 

All results derive from continuing operations.

The accompanying notes form an integral part of these condensed consolidated financial statements.


as at 30 April 2021

                                             Unaudited     Unaudited       Audited 
                                            Six months    Six months     18 months 
                                                    to            to            to 
                                              30 April      30 April    31 October 
                                                  2021          2020          2020 
                                   Notes       GBP'000       GBP'000       GBP'000 
--------------------------------  ------  ------------  ------------  ------------ 
 Goodwill                              7        13,675        13,222        13,767 
 Other intangible assets               7        17.212        36,642        18,972 
 Property, plant & equipment           7        93,776        88,262        90,285 
 Investment property                   7           622           638           652 
 Investment in - associates                         56           417            57 
 Financial instruments held 
  at FVTPL                                         984           984           984 
 Financial assets held at 
  amortised cost                                   957           913           960 
 Deferred tax assets                                 -            92             - 
 Trade and other receivables                     1,742         1,887         1,799 
--------------------------------  ------  ------------  ------------  ------------ 
 Non-current assets                            129,025       143,057        27,477 
 Inventories                                    18,022        22,481        16,611 
 Trade and other receivables                    20,419        26,232        16,740 
 Current tax                                        55         2,574           217 
 Cash and cash equivalents             8        95,273        65,509       106,193 
--------------------------------  ------  ------------  ------------  ------------ 
 Current assets                                133,769       116,796       139,760 
--------------------------------  ------  ------------  ------------  ------------ 
 Total assets                                  262,794       259,853       267,237 
--------------------------------  ------  ------------  ------------  ------------ 
 Share capital                                   1,889         1,890         1,889 
 Share premium                                  10,599        10,599        10,599 
 Translation and other reserves                 14,962        13,381        15,245 
 Retained earnings                              92,775        88,329        84,448 
--------------------------------  ------  ------------  ------------  ------------ 
 Equity attributable to owners 
  of the Parent                                120,225       114,199       112,181 
 Non-controlling interests                       1,632         1,633         1,689 
--------------------------------  ------  ------------  ------------  ------------ 
 Total Shareholders' funds                     121,857       115,832       113,870 
--------------------------------  ------  ------------  ------------  ------------ 
 Financial liabilities                 8        41,653        50,084        40,937 
 Post-employment benefit 
  obligations                                    5,510         5,880         5,973 
 Deferred tax liabilities                        6,737         3,827         6,058 
 Non-current liabilities                        53,899        59,791        52,968 
--------------------------------  ------  ------------  ------------  ------------ 
 Financial liabilities                 8        46,542        24,124        54,516 
 Provisions                                        411         3,847         1,262 
 Current tax                                     1,506         8,861         4,909 
 Trade and other payables                       38,540        47,398        39,712 
--------------------------------  ------  ------------  ------------  ------------ 
 Current liabilities                            87,038        84,230       100,399 
--------------------------------  ------  ------------  ------------  ------------ 
 Total equity and liabilities                  262,794       259,853       267,237 
--------------------------------  ------  ------------  ------------  ------------ 

The accompanying notes form an integral part of these condensed consolidated financial statements.


for the six months ended 30 April 2021

                                                   Unaudited     Unaudited       Audited 
                                                  Six months    Six months     18 months 
                                                          to            to            to 
                                                    30 April      30 April    31 October 
                                                        2021          2020          2020 
                                         Notes        GBP000        GBP000        GBP000 
--------------------------------------  ------  ------------  ------------  ------------ 
 Cash flow from operating activities 
 Profit before tax                                    12,007      (24,204)           492 
 Finance cost                                          1,442           933         2,592 
 Finance revenue                                           -            66          (51) 
 Other gains                                            (20)           624           283 
--------------------------------------  ------  ------------  ------------  ------------ 
 Operating profit/(loss)                              13,429      (22,581)         3,317 
 Share of post-tax loss from                               -            37             - 
 Amortisation of intangible assets                     1,837         1,779        18,939 
 Depreciation of property, plant 
  and equipment                                       11,760        15,447        64,610 
 Provision and impairment                              1,616        23,101         (112) 
 Profit on sale of property, 
  plant and equipment                                    767           436             - 
 Exchange differences                                  (156)           829       (2,597) 
 Other items                                           (604)           414            43 
 Changes in working capital: 
 Inventories                                         (1,411)           899         5,728 
 Trade and other receivables                         (3,679)           729         4,177 
 Trade and other payables                            (1,172)       (6,426)       (1,170) 
 Cash generated from operations                       22,387        14,664        92,935 
 Interest paid                                         (365)         (284)       (2,594) 
 Taxation paid                                       (6,015)       (1,402)       (4,688) 
--------------------------------------  ------  ------------  ------------  ------------ 
 Net cash generated from operating 
  activities                                          16,007        12,978        85,653 
--------------------------------------  ------  ------------  ------------  ------------ 
 Cash flows from investing activities                                    - 
 Acquisition of subsidiaries 
  net of cash acquired                               (6,575)           567         (786) 
 Proceeds from disposal of associate                                     -           357 
 Investment in intangible assets                       (691)         (806)       (2,326) 
 Proceeds from sale of intangible 
  assets                                                   -          (12)            50 
 Purchase of property, plant 
  and equipment                                     (15,993)      (11,623)      (44,782) 
 Proceeds from sale of property, 
  plant and equipment                                  1,235           605         1,474 
 Variation of FVTPL asset                                  -         (455)             - 
 Interest received                                       106            12           259 
 Dividends received from associates                        -         (291)         (184) 
--------------------------------------  ------  ------------  ------------  ------------ 
 Net cash generated from investing 
  activities                                        (21,918)      (12,003)      (45,938) 
--------------------------------------  ------  ------------  ------------  ------------ 
   Cash outflows from financing 
 Issue of Ordinary shares to 
  equity shareholders                                      -            12            11 
 Repayment of capital element 
  of finance leases                                    (181)         (102)         (286) 
 Repayment of borrowings                            (11,137)       (5,539)      (17,097) 
 Increase in borrowings                                6,310      (14,136) 
 Decrease in assets held at amortised 
  cost                                                     -             -        30,964 
 Dividends paid to owners of 
  the Parent                                               -      (17,879)      (31,894) 
 Net cash utilised in financing 
  activities                                         (5,008)      (37,664)      (18,302) 
--------------------------------------  ------  ------------  ------------  ------------ 
 Net Decrease in cash and cash 
  equivalents                                       (10,920)      (20,371)        21,585 
 Cash and cash equivalents at 
  beginning of year                                  106,193             -        84,591 
 Exchange loss on cash and cash 
  equivalents                                              -         1,086            17 
--------------------------------------  ------  ------------  ------------  ------------ 
 Cash and cash equivalents at 
  end of year                                8        95,273      (19,285)       106,193 
--------------------------------------  ------  ------------  ------------  ------------ 

The accompanying notes form an integral part of these condensed consolidated financial statements.


for the six months ended 30 April 2021

                                                                                    to owners 
                           Share     Share      Other   Translation   Retained         of the   Non-controlling 
                         capital   premium   reserves       reserve   earnings         Parent         interests           Total 
                         GBP'000   GBP'000    GBP'000       GBP'000    GBP'000        GBP'000           GBP'000         GBP'000 
----------------------  --------  --------  ---------  ------------  ---------  -------------  ----------------  -------------- 
 At 1 November 2019        1,888    10,588      1,781        10,785    107,785        132,796             1,618         134,414 
----------------------  --------  --------  ---------  ------------  ---------  -------------  ----------------  -------------- 
 Loss for year                 -         -          -             -   (21,362)       (21,362)                 -        (21,362) 
----------------------  --------  --------  ---------  ------------  ---------  -------------  ----------------  -------------- 
 Other comprehensive 
   differences                 -         -          -         2,183          -          2,183                 -           2,183 
   Tax on exchange             -         -          -           (3)          -            (3)                 -             (3) 
 Total other 
  comprehensive/income         -         -          -         2,180          -          2,180                 -           2,180 
 Total comprehensive 
  (expense)/income             -         -          -         2,180   (21,362)       (19,182)                 -   (19,182)1,868 
----------------------  --------  --------  ---------  ------------  ---------  -------------  ----------------  -------------- 
 Shares options 
  in the period                -        11    (1,781)             -      1,962            193                 -             193 
 Share options                 -         -          -             -        172            172                 -             172 
 Dividends                     -         -          -             -       (56)           (56)                 -            (56) 
 Disposal of minority          -         -          -             -          -              -             (134)           (134) 
 Total transactions 
  with the Parent              1        11    (1,310)          (23)      1,906            585                15             600 
----------------------  --------  --------  ---------  ------------  ---------  -------------  ----------------  -------------- 
 At 30 April 2020          1,889    10,599        471        12,910     88,379        114,199             1,633         115,832 


for the six months ended 30 April 2021 (continued)

                                                                                      to owners 
                        Share      Share       Other    Translation    Retained          of the    Non-controlling 
                      capital    premium    reserves        reserve    earnings          Parent          interests      Total 
                      GBP'000    GBP'000     GBP'000        GBP'000     GBP'000         GBP'000            GBP'000    GBP'000 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 
 At 1 November 
  2020                  1,889     10,599       1,781         14,533      83,379         112,181              1,689    113,870 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 
 Profit for period          -          -           -              -       9,396           9,396                  -      9,396 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 
  differences               -          -           -          (647)           -           (647)               (57)      (704) 
 Tax on exchange            -          -           -            (7)           -             (7)                  -        (7) 
 Transfers between 
  reserves                  -          -           -          (698)           -           (698)                  -      (698) 
 Total other 
  expense                   -          -           -        (1,352)           -         (1,352)               (57)    (1,409) 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 
  (expense)/income          -          -           -        (1,352)       9,396           8,044               (57)      7,987 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 
 At 30 April 2021       1,889     10,599       1,781         13,181      92,775         120,225              1,632    121,857 
------------------  ---------  ---------  ----------  -------------  ----------  --------------  -----------------  --------- 

The accompanying notes form an integral part of these condensed consolidated financial statements.


   1.   Corporate information 

The condensed consolidated interim financial statements of Photo-Me International plc (the "Company") for the six months ended 30 April 2021 ("the Interim Report") were approved and authorised for issue by the Board of Directors on 8 July 2021. These condensed consolidated interim financial statements comprise the Company and its subsidiaries (together the "Group") and are presented in pounds sterling, rounded to the nearest thousand.

The Company is a public limited company, incorporated and domiciled in England, whose shares are quoted on the London Stock Exchange, under symbol PHTM. Its registered number is 735438 and its registered office is at Unit 3B, Blenheim Rd, Epsom, KT19 9AP, Surrey.

Photo-Me's principal activity is the operation of unattended vending equipment aimed primarily at the consumer market. The largest part of the estate comprises photobooths and digital printing kiosks, with the remainder including laundry units, amusement machines and business service equipment. The Group manages these on a geographical basis with the principal operations of the Group in the United Kingdom and Ireland, Continental Europe, and Asia.

   2.   Basis of preparation and accounting policies 

The financial statements have been prepared in accordance with IAS 34. The accounting policies applied are consistent with those that were applied in the Company's consolidated financial statements for the 18 months ended 31 October 2020 and that are expected to be applied in its consolidated financial statements for the year ended 31 October 2021. The condensed consolidated interim financial statements comprise the unaudited financial information for the six months ended 30 April 2021 and period ended 31 October 2020. They do not include all of the information and disclosures required for full annual financial statements, and should be read in conjunction with the Group's financial statements for the period ended 31 October 2020. The condensed financial statements do not constitute statutory accounts within the meaning of section 434 of the UK Companies Act 2006.

The consolidated financial statements of the Group as at and for the period ended 31 October 2020 are available at www.photo-me.com or upon request from the Company's registered office at Unit 3B, Blenheim Rd, Epsom, KT19 9AP, Surrey.

The Interim Report is unaudited but has been reviewed by the auditors and their report to the Company is included in the Interim Report. The comparative figures for the financial period ended 31 October 2020 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors (i) was unmodified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without modifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

Accounting policies and estimates

The accounting policies applied by the Group in this Interim Report are the same as those applied in the Group's financial statements for the 18 months period ended 31 October 2020.

New standards adopted in the period:

There are a number of new and revised standards and interpretations, not all of which are applicable to the Group, which have been issued and are effective for the year 2021 and future reporting periods. The most significant standards and interpretations were listed in the Group's 2020 Annual Report, however none of these are likely to have a material impact on the Group's financial statements.

Estimates and significant judgements

The preparation of the condensed consolidated financial information requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial information. Such estimates and assumptions are based on historical experience and various other factors (as COVID-19) that are believed to be reasonable in the circumstances and constitute management's best judgement at the date of the financial statements. In future, actual experience may deviate from these estimates and assumptions, which could affect the financial statements as the original estimates and assumptions are modified, as appropriate, in the period in which the circumstances change.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were in the same areas as those that applied in the consolidated financial statements as at and for the period ended 31 October 2020.

Use of non-GAAP profit measures

The Group measures performance using earnings before interest, tax, depreciation and amortisation ("EBITDA"). EBITDA is a common measure used by a number of companies, but is not defined in IFRS.

The Group measures cash on a net cash basis as explained in note 8.

The directors consider it necessary to present certain large and unusual items (Specific items) separately in the income statement in order to show the long-term performance trend of the Group more clearly. The presentation of Specific items, as described above is also a non-GAAP measure.

For those years where Specific items are shown in the Group statement of Comprehensive Income an alternative earnings per share is shown in the earnings per share note. Alternative earnings per share and alternative diluted earning per share are shown and are calculated on earnings available to Ordinary shareholders excluding Specific items.

Underlying results are reported results adjusted to exclude the effect of Specific items.

Going Concern

The Annual Report for the period ended 31 October 2020 provided a full description of the Group's business activities, its financial position, cash flows, funding position and available facilities together with the factors likely to affect its future development, performance and position. It also detailed risks associated with the Group's business. This interim report provides updated information on these subjects for the six months to 30 April 2021.

The Group is now seeing the back of the COVID pandemic and its impact on the business as revenues are rising again in almost all markets and regions.

The Group has at the date of this Interim Report, sufficient financing available for its estimated requirements for at least the next twelve months, together with the proven ability to generate cash from its trading performance. This provides the Directors with confidence that the Group is well placed to manage its business risks successfully in the context of the current financial conditions and the general outlook in the global economy.

After reviewing the Group's annual budgets, plans and financing arrangements, the Directors consider that the Group has adequate resources to continue operating for the foreseeable future and that it is therefore appropriate to continue to adopt the going concern basis in preparing this Interim Report.

   3.   Segmental analysis 

IFRS8 requires operating segments to be identified based on information presented to the Chief Operating Decision Maker (CODM), in order to allocate resources to the segments and monitor performance.

The Group monitors performance at the adjusted operating profit level before special items, interest and taxation.

In accordance with IFRS 8, no segment information is provided for assets and liabilities in the disclosures below, as this information is not regularly provided to the Chief Operating Decision Maker.

Seasonality of operations

Historically, the second half of the financial year is seasonally the strongest for the Group in terms of profits, however due to the impact of the recent COVID 19 Pandemic, this remains to be seen for the current year ending 31 October 2021.

                                       Asia    Europe       United   Corporate   Total 
                                                         & Ireland 
                                    GBP'000   GBP'000      GBP'000     GBP'000    GBP'000 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Six months ended 30 April 
 Total revenue                       24,012    58,716       13,321           -     96,049 
 Inter segment sales                (1,468)         -            -           -    (1,468) 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Revenue from external customers     22,544    58,716       13,321           -     94,581 
---------------------------------  --------  --------  -----------  ----------  --------- 
 EBITDA                               6,418    19,572        3,908     (1,202)     28,696 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Depreciation and amortisation      (3,736)   (9,507)      (1,879)       (145)   (15,267) 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Underlying operating profit          3,987    10,065        1,635     (1,346)     14,342 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Specific items                     (1,305)                  (393)           -      (912) 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Operating profit excluding 
  associates                          2,682    10,065        2,029     (1,346)     13,429 
 Share of post tax profits                                                              - 
  from associates 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Operating profit                                                                  13,429 
 Other gains                                                                           20 
 Finance Revenue                                                                        - 
 Finance costs                                                                    (1,442) 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Profit before tax                                                                 12,007 
 Tax                                                                              (2,611) 
 Profit for period                                                                  9,396 
---------------------------------  --------  --------  -----------  ----------  --------- 
 Capital expenditure (excluding 
  IFRS 16)                            9,782     9,988        2,572         135     22,477 
---------------------------------  --------  --------  -----------  ----------  --------- 
                                       Asia     Europe       United   Corporate      Total 
                                                            Kingdom       costs 
                                                          & Ireland 
                                    GBP'000    GBP'000      GBP'000     GBP'000    GBP'000 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Six months ended 30 April 
 Total revenue                       19,968     54,377       18,820           -     93,165 
 Inter segment sales                      -    (1,893)          254           -    (1,639) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Revenue from external customers     19,968     52,484       19,074           -     91,526 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 EBITDA                               4,363     12,786        2,062     (2,519)     16,693 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Depreciation and amortisation      (2,267)   (10,927)      (3,533)       (370)   (17,097) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Underlying operating profit          1,089   (10,485)      (8,013)     (3,896)   (21,305) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Specific items                           -      (100)      (1,176)           -    (1,276) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Operating profit excluding 
  associates                          1,089   (10,585)      (9,189)     (3,896)   (22,581) 
 Operating profit                         -          -            -           -   (22,581) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Other losses                             -          -            -           -      (644) 
 Finance costs                            -          -            -           -      (979) 
 Profit before tax                        -          -            -           -   (24,204) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Tax                                      -          -            -           -      2,842 
 Profit for period                        -          -            -           -   (21,362) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 Capital expenditure                  2,612      2,586      (7,532)         246    (2,088) 
---------------------------------  --------  ---------  -----------  ----------  --------- 
 18 months ended 31 October              Asia   Continental       United   Corporate      Total 
  2020                                               Europe      Kingdom 
                                                               & Ireland 
                                      GBP'000       GBP'000      GBP'000     GBP'000    GBP'000 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
   Total revenue                       60,394       202,297       56,369           -    319,060 
 Inter segment sales                      (2)       (7,067)      (1,746)           -    (8,815) 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Revenue from external customers       60,392       195,230       54,623           -    310,245 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 EBITDA                                13,222        75,486        7,923     (9,319)     87,313 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Depreciation and amortisation        (6,741)      (32,130)     (11,278)     (1,500)   (51,649) 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Impairment                           (1,981)      (14,606)     (15,760)           -   (32,347) 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Underlying operating profit/loss       5,232        28,882     (18,444)    (10,818)      4,852 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Specific items (included 
  in EBITDA)                            (731)         (133)        (671)           -    (1,535) 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Operating profit/loss excluding 
  associates                            4,501        28,750     (19,115)    (10,818)      3,317 
 Operating profit                                                                         3,317 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Other losses                                                                             (284) 
 Finance Revenue                                                                             51 
 Finance costs                                                                          (2,593) 
 Profit before tax                                                                          491 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Tax                                                                                    (2,844) 
 Loss for the period                                                                    (2,353) 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Capital expenditure (excluding 
  IFRS16)                               4,972        31,797        9,855         484     47,108 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
 Non-current assets                    20,023        85,369       18,154       3,931    127,477 
----------------------------------  ---------  ------------  -----------  ----------  --------- 
   4.   Taxation 
                            Six months   Six months    18 months 
                                    to           to           to 
                              30 April     30 April   31 October 
                                  2021         2020         2020 
                              GBP '000     GBP '000     GBP '000 
  Profit/(loss) before 
   tax                          12,007     (24,204)          492 
  Total taxation charge        (2,611)        2,842      (2,844) 
-------------------------  -----------  -----------  ----------- 
  Effective tax rate            -21.7%       -11.7%      -578.0% 
-------------------------  -----------  -----------  ----------- 

The tax charge in the Group Income Statement is based on management's best estimate of the full year effective tax rate based on expected 12 Months profits to 31 October 2021

The UK 2016 Finance Act was enacted in September 2016 and confirmed the basic rate of UK Corporation tax at 19% for the financial years 2018, 2019 and also for the financial year 2020. This has not changed for the year 2021.

   5.   Dividends 
 Dividends paid and proposed 
                                     30 April 2021                31October 
                               -------------------  ----  ----------------- 
                                  pence    GBP'000          pence   GBP'000 
                                    per                       per 
                                  share                     share 
-----------------------------  --------  ---------   ---  -------  -------- 
 2019 paid on 10 May 2019             -                -     3.71    14,014 
 2019 approved at AGM held 
  on 03 October 2019                  -                -     4.73    17,880 
        -                -                                   8.44    31,894 
 --------  ---------------   ---------------------------  -------  -------- 

Period ending 30 April 2021

Following the COVID 19 Pandemic, the board did not declare any dividends for the periods ending 31 October 2020 and 30 April 2021.

Financial year ended 30 April 2019

The Board declared an interim dividend of 3.71p per share for the year ending 30 April 2019, paid on 11 May 2019 to shareholders on the register on 6 April 2019.

The Board proposed a final dividend of 4.73p per share for the year ending 30 April 2018 which was approved by shareholders at the Annual General Meeting held on 03 October 2019 and paid on 9 November 2019.

   6.   Earnings per share 

The earnings and weighted average number of shares used in the calculation of earnings per share are set out in the table below:

                                         Six months    Period to 
                                        to 30 April   31 October 
                                               2021         2020 
-------------------------------------  ------------  ----------- 
  Basic earnings per share                    2.49p      (0.62)p 
  Diluted earnings per share                  2.48p      (0.62)p 
-------------------------------------  ------------  ----------- 
  Earnings available to shareholders 
   (GBP'000)                                  9,396      (2,352) 
  Weighted average number of shares 
   in issue in the period 
  - basic ('000)                            378,011      377,749 
  - including dilutive share options 
   ('000)                                   378,212      378,514 
-------------------------------------  ------------  ----------- 

Alternative earnings per share

Management assess the performance of the Group using a variety of performance measures. Internally management reviews the Group's performance on an "adjusted basis", that is to say taking into accounts "other items". The Group's income statement and segmental analysis show operating profit before and after other items. The presentation and use of other items are a non-GAAP measure and the use of this measure may not be comparable to similarly titled measures used by other companies. Other items are those that in management's judgement need to be disclosed separately by virtue of their size, nature and or incidence. Management determines whether an item is classified as other and warrants separate disclosure by considering both qualitative and quantitative factors, such as the nature, frequency and predictability of occurrence. This is consistent with the way operating performance is presented and reported to management.

The directors believe that the presentation of the Group's results in this way is relevant to an understanding of the Group's performance, as other items are identified by their size, nature or incidence.

The impact of other items on operating profit is detailed in note 3, segmental analysis.

Consistent with the above, management also calculate earnings per share (EPS) and diluted earnings per share (DPS). Management uses this as one factor in determining dividend policy.

The tables below reconcile EPS and DPS before and after other items. Details of Specific items are shown in note 3.

 Alternative earnings per share 
                                           GBP'000       EPS    DPS pence 
---------------------------------------  ---------  --------  ----------- 
                             April 2021 
  Earnings available to shareholders 
   (GBP'000)                                 9,396      2.49         2.49 
  Specific items net of tax                    165 
  Other gains                                 (20) 
---------------------------------------  ---------  --------  ----------- 
  Earnings after specific items              9,541      2.52         2.52 
---------------------------------------  ---------  --------  ----------- 
  Weighted average number of shares in 
   issue in the period                     378,212 
---------------------------------------  ---------  --------  ----------- 
                           October 2020 
  Earnings available to shareholders 
   (GBP'000)                               (2,352)    (0.62)       (0.62) 
  Specific items net of tax                  1,535 
  Gain on financial assets classified 
   as available for sale                     (284) 
---------------------------------------  ---------  --------  ----------- 
  Earnings after specific items            (1,101)    (0.29)       (0.29) 
---------------------------------------  ---------  --------  ----------- 
  Weighted average number of shares in 
   issue in the period                     378,514 
---------------------------------------  ---------  --------  ----------- 
   7.   Non-current assets - intangibles, property, plant and equipment and investment property 
                                      Goodwill   Other intangible    Property   Investment 
                                                           assets     , plant     property 
                                       GBP'000            GBP'000     GBP'000      GBP'000 
-----------------------------------  ---------  -----------------  ----------  ----------- 
 Net book value at 30 April 
  2019                                  18,419             31,281      95,353          648 
-----------------------------------  ---------  -----------------  ----------  ----------- 
 Exchange adjustment                        28              (913)         937           27 
 Additions - photobooths & 
  vending machines                                                     37,319 
 Additions - other assets                  464              2,446       8,580 
 Right of Use assets                                                    9,687 
 Amortisation & Depreciations                            (13,796)    (40,226) 
 Impairments                           (5,143)                       (17,538)         (24) 
 Disposals at net book value                                 (46)     (3,827) 
-----------------------------------  ---------  -----------------  ----------  ----------- 
 Net book value at 31 October 
  2020                                  13,767             18,972      90,285          652 
-----------------------------------  ---------  -----------------  ----------  ----------- 
 Exchange adjustment                      (92)              (615)     (4,510)         (22) 
 Additions - photobooths & vending 
  machines                                                             21,786 
 Additions - other assets                                     691 
 Amortisation & Depreciation                              (1,837)    (10,550)          (8) 
 Impairments                                                          (1,210) 
 Disposals at net book value                                    1     (2,025) 
-----------------------------------  ---------  -----------------  ----------  ----------- 
 Net book value at 30 April 2021        13,675             17,212      93,776          622 
-----------------------------------  ---------  -----------------  ----------  ----------- 
   8.   Net Cash 
                                            30 April   31 October   30 April 
                                                2021         2020       2020 
                                             GBP'000      GBP'000    GBP'000 
-----------------------------------------  ---------  -----------  --------- 
 Cash and cash equivalents per statement 
  of financial position                       95,273      106,193     65,509 
 Financial assets held at amortised 
  cost                                           984          984        984 
 Non-current instalments due on bank 
  loans                                     (33,373)     (39,444)   (38,588) 
 Current instalments due on bank loans      (44,007)     (45,434)   (19,566) 
 Leases                                      (1,999)        (422)      (414) 
 Net cash                                     16,878       21,877      7,928 
-----------------------------------------  ---------  -----------  --------- 

Following the adoption of IFRS 9, Financial assets - held to maturity was reclassified as Financial assets held at amortised cost.

At 30 April 2021, GBP984,000 (31 October: GBP984,000 ) of the total net cash comprised bank deposit accounts that are subject to restrictions and are not freely available for use by the Group.

Cash and cash equivalents per the cash flow comprise cash at bank and in hand and short-term deposit accounts with an original maturity of less than three months, less bank overdrafts.

Net cash is a non-GAAP measure since it is not defined in accordance with IFRS but is a key indicator used by management in assessing operational performance and financial position strength. The inclusion of items in net cash as defined by the Group may not be comparable with other companies' measurement of net cash/debt. The Group includes in net cash: cash and cash equivalents and certain financial assets (mainly deposits), less instalments on loans and other borrowings.

The table above, which is not currently required by IFRS, reconcile the Group's net cash to the Group's statement of cash flows. Management believes the presentation of the tables will be of assistance to shareholders.

   9.   IFRS- 3 Business Combination Purchase Price Allocation 

The group continues to expand with the recent acquisition of 100% of the Japanese ID photobooth business of Plaza Create Co. Ltd. The transaction completed on the 1st of February 2021 by a Group subsidiary in Japan (Nippon Auto-Photo) for a consideration of JPY 950,000,000 (GBP6,692,000).

The purchase consideration was paid entirely in cash.

Pending receipt of the final valuations of the assets acquired, in accordance with IFRS3, the accounts will be adjusted retrospectively within the measurement period of no more than one year from the acquisition date.

Acquisition-related costs

Acquisition-related costs of GBP416,000 are included in Administrative expenses in the Condensed Statement of Comprehensive Income.

Revenue contribution

The acquired business contributed revenues of GBP1.4m to the Group for the period from 1 February 2021 to 30 April 2021.

10. Related parties

The Group's significant related parties are disclosed in the 2020 Annual Report and include its associates, its pension funds and the Company's Directors. During the 6 months ended 30 April 2021, there were no new related parties and no additional related party transactions have taken place that have materially affected the financial position or performance of the Group. In addition there were no material changes in the nature and relationship of transactions with related parties to those identified in the 2020 Annual Report.


We confirm that to the best of our knowledge:

-- The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

-- The Interim Management Report includes a fair review of the information required by:

(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first twelve months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the year and

(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first twelve months of the current financial year and that have materially affected the financial position or performance of the entity during that period and any changes in the related party transactions described in the last annual report that could do so.

By order of the Board

John Lewis (Non-executive Chairman)

Serge Crasnianski (Chief Executive Officer and Deputy Chairman)

8 July 2021


We have been engaged by Photo-Me International PLC ("the Company") to review the financial information for the six months ended 30 April 2021 which comprises the Group Condensed Statement of Comprehensive Income, the Group Condensed Statement of Financial Position, the Group Condensed Statement of Cash Flows and the Group Condensed Statement of Changes in Equity and the related explanatory notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 issued by the Auditing Practices Board and our Engagement Letter dated 15(th) June 2021. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Respective responsibilities of directors and auditor

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with International Accounting Standard 34, 'Interim Financial Reporting', in accordance with Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority which requires that the interim report must be prepared and presented in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility is to express to the Company a conclusion on the condensed set of financial information in the interim report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.


Based on our review, nothing has come to our attention that causes us to believe that the condensed financial information in the interim report does not give a true and fair view of the financial position of the Photo-Me International PLC as at 30 April 2021 and of its financial performance and its cash flows for the six months then ended, in accordance with International Accounting Standard 34, 'Interim Financial Reporting and Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority

Mazars LLP

Chartered Accountants

Tower Bridge House

St Katharine's Way



Date: 12 July 2021


a) The maintenance and integrity of the Photo-Me International plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


This Interim Financial Report is addressed to the shareholders of Photo-Me International plc and has been prepared solely to provide information to them. This report is intended to inform the shareholders of the Group's performance during the 12 months to 30 April 2020. It has been prepared to provide additional information to shareholders to enable them to access the Group's strategies, performance and the potential for those strategies to succeed. It should not be relied upon for any other purpose.

This Interim Financial Report contains certain forward-looking statements which are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in this report are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently expected. No assurances can be given that the forward looking statements in this Interim Financial Report will be realised . The forward-looking statements reflect the knowledge and information available at the date of preparation.


This Interim Report is released to the London Stock Exchange. It may be viewed and downloaded from the Company's Investor Relations section on the website www.photo-me.com .

Shareholders and others who require a copy of the report may obtain a copy by contacting the Company Secretary at the Company's registered office.

Photo-Me International plc

Unit 3B Blenheim Road


Surrey KT19 9AP

Tel: +44 (0)1372 453399

Fax: +44 (0)1372 459064

e-mail: ir@photo-me.co.uk

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(END) Dow Jones Newswires

July 12, 2021 02:00 ET (06:00 GMT)

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