Business
AGM Trading Update
AGM Trading Update.
About this update from Me Group International Plc
[{"type":"text","content":"\n \nRNS Number : 9620E Photo-Me International PLC 24 October 2018 \n\n \n24 October 2018\nPhoto-Me International plc\n(\"Photo-Me\" or \"the Group\")\n \nAGM Trading Update\n \nPhoto-Me International plc (PHTM.L), the instant-service equipment group, will hold its Annual General Meeting at 2:00 p.m. today. Ahead of the meeting, the Group announces the following trading update covering the first five months of its financial year. \n \nTrading in the period has been in line with expectations. The Group has continued to make good strategic and operational progress across its principal business areas and action has been taken to restructure its Japanese subsidiary. \n \nIdentification\n \nDeployment of the Group's encrypted photo ID upload technology has continued to progress well. In the UK, a total of 2,700 photobooths are now enabled for UK Passport renewals, and the Group is targeting the deployment of 4,000 enabled photobooths by the end of December 2018. \n \nIn France, more than 80% of the Group's photobooths in the country have been upgraded with secure photo ID transfer technology for driving licence renewals, and this technology is expected to be deployed in all photobooths by the end of December 2018. Discussions are continuing within the French government to extend this technology to include photo ID for new passports and identification cards. \nThe Group is also in advanced discussions with the Dutch government to deploy this technology in photobooths in the Netherlands for use in driving licences, and a further update will be provided as appropriate. \nRestructuring of Japanese subsidiary \n \nIn Japan, the Group has taken decisive action and implemented its plan to restructure its Japanese subsidiary and re-align activities with current market conditions. In line with the announcements about the restructuring plan on 30 May 2018 and 10 July 2018, a management reorganisation has been completed, administrative functions have been streamlined, low revenue machines have been relocated and unprofitable units have been removed. In addition, new units deployed will have a significantly lower production cost than the units deployed previously and will offer a 35% faster return on investment. \n \nWhilst the photo-identification market in Japan remains highly comp...