Monday 21 July 2008

PHOTO-ME INTERNATIONAL PLC

Disposal of US Vending Business

As envisaged in the Preliminary Announcement of 10 July 2008, Photo-Me (PHTM.L) has sold its Vending business in the USA. 

This business operated 250 photobooths (just over 1% of the Group total) as at 30 April 2008 and in the year then ended made a pre-tax loss of £0.7m on a revenue of £1.2m. In the financial statements for the year to 30 April 2008, the business was included as an asset held for sale and reported under discontinued activities. 

The investment sold was Auto Photo Systems Inc together with its subsidiary Photo-Me USA LLC. The purchaser was Jean-Claude Perrottey, who, until the disposal, was a Group employee. The consideration was nominal, but will give rise to a small exceptional profit on sale.

The USA has always been a limited market for ID photography and US Vending has tended to be loss-making in recent years. The disposal is part of Photo-Me's strategy to divest of small, remote and loss-making businesses and to focus on development and diversification of its well-established businesses.

The USA remains an important market for Photo-Me's equipment sales activities.

Enquiries:

Photo-Me International                                                               01372-453 399

Thierry Barel (CEO)

Robert Lowes (Company Secretary)

Bankside Consultants

Charles Ponsonby                                                                          020-7367 8851

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