Photo-Me tumbles after profits warning

Around £150m (€218m) was wiped from the value of Photo-Me International today after the photo booth operator warned it would miss profits hopes.

Shares crashed 30% as Photo-Me blamed delays in the recovery in its minilab manufacturing business, which sells photo-processing equipment to retailers.

The company, based in Bookham, Surrey, said pre-tax profits for the year to April 30 were likely to fall “well below current market expectations”.

Photo-Me chief executive Serge Crasnianski, who owns almost 20% of the company’s shares, said pre-tax profits would be 10% to 15% below last year’s record figure of £34.5m (€50.2m) and market expectations of £33m (€48m) to £35m (€51m).