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Photo-Me - Debts reduce

January 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PHTM
  • Price:
  • 11p
Photo-Me has reported a respectable enough set of results for the six months to 31 October. These show a rise of 9% in sales to £115.9m (down 3% on a constant currency basis) with a pretax profit before exceptionals of £5.2m. However, the exceptional included a £2.5m profit from currency gains (Photo-Me is a beneficiary of the weak sterling) and stripping these away, pretax profit was down 66%.   The highlight to the results was the mammoth reduction in net debt, which fell from £45.5m to £29.9m. It would have fallen even faster were it not for the fact that around half of the debt was denominated in Euros, which was strong and with that currency strong debt can't be expected to fall away quickly in H2. That said, i ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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