Photo-Me International PLC on Tuesday said it has performed above expectations in the first six months of financial year 2022, following a progressive recovery in demand for vending services.

Shares in the Surrey-based operator of instant-service equipment, such as photo booths and self-service laundry, were up 8.2% to 76.36 pence each in London on Tuesday morning.

Photo-Me reported that it has performed above expectations in the six months ended April 30. Notably, revenue in the first half of the financial year was up 24% to the £94.6 million it posted a year earlier.

Excluding Asia, the group is making good progress in returning to pre-pandemic performance levels, the company added. Notably, it said that a significant increase in revenue was driven by demand for passports.

As well as its photo booth services, the company continued to rollout its laundry division by installing 53 machines per month throughout the period. However, in Asia trade has continued to be ‘more subdued’, but the board said it is confident that the market will pick back up as restrictions ease.

Looking forward, Photo-Me expects revenue for the year ending October 31 to be up at least 20% over financial year 2021 levels of £214.4 million. Further, it expects pretax profit to be in the range of £47 million to £50 million, up from £28.6 million year-on-year.

However, the company remains cautious of economic and consumer uncertainty and continues to monitor changes closely. In particular, it cited increasing supply chain and raw material costs as a concern.

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