Photo-Me International PLC (AIM:PHTM) said trading momentum continued to be better than expected in the fourth quarter and full-year sales will top forecasts and pre-tax profit will be at the upper end of previous guidance.
The operator of photobooths, digital printing kiosks, children’s rides and automated laundry machines continued to see recovery across most of its key markets.
Continental Europe performed strongly, driven by operations in France and the UK returned to profitability, with the good momentum seen in the summer months continuing into the final quarter of the year, the company said in a statement
As a result, the board expects revenue to be slightly higher than the £210mln initially estimated, with profit before tax at the higher end of its expectations of between £25mln and £35mln.
The company said its Asian market was the only one not edging closer to pre-pandemic levels, with China and Japan still 'challenging" due to Coronavirus (COVID-19).
Founded in 1958, the group said it continued to deliver on its growth strategy, taking its first steps into new territories such as Finland and Australia, as well as expand its ongoing operations.
Looking forward, the company remains optimistic, despite some of the macro-economic challenges within the market, including rising costs to due to supply chain issues and the pandemic.