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Photo booth and laundry services group Photo-Me International upgraded its annual profit guidance after it experienced a stronger-than-expected first quarter.
Photo-Me said a previously described recovery in its key markets had continued through the three months through December.
Outperformance, it added, had been driven, in part, by the impact of a reorganisation undertaken over the past year, including the hiring of a number of new senior managers.
The company noted the first quarter was typically a quiet part of the year, but added the trading environment had improved due to a relaxation of Covid-19 restrictions.
' The board therefore now considers it likely that the group's performance for the year ending 31 October 2022 will exceed its previous expectations, assuming Covid-19 related restrictions are not reimposed,' it said.
Photo-Me also announced that following agreement with auditor Mazars it intended to announce its results for the financial year ended 31 October 2021 in the second half of March 2022.