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Photo-Me - OEM orders for 5,000 Photobook Maker machines

January 2011

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:
  • 63p
We met the FD, Madame Françoise Coutaz-Replan, shortly after the interims last month. These showed a 25% improvement in adjusted pretax profit to £14m. Of course, profit is only half the story as the sizeable depreciation charge on the estate of vending equipment depresses profits and Photo-Me continues to churn out a tidal wave of cash. EBITDA was £28.5m, representing 24% of revenue (a high percentage). In the past six months the cash pile has gone from £8m to £29.4m - which says it all really.The latest H1 performance was driven by the vending side, which was 82% of total sales. Divisional sales here were up 3% to £97.1m but operating profits grew by a third to £15.4m helped by restructuring activities during the past 18 ...

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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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