Business
Statement re Business Update
Statement re Business Update.
About this update from Me Group International Plc
[{"type":"text","content":"\n \n \n RNS Number : 7939H\n Photo-Me International PLC\n 27 March 2020\n \n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n \n 27 March 2020\n \n \n Photo-Me International plc\n \n \n (\"Photo-Me\" or \"the Group\")\n \n \n \n \n \n Business Update\n \n \n \n \n \n Photo-Me International plc (PHTM.L), the instant-service equipment group, announces the following strategic decisions of its board of directors (the Board) in light of the ongoing COVID-19 crisis.\n \n \n \n \n \n Further to Photo-Me's announcement made on 17 March 2020, the Board has continued to keep the evolving COVID-19 situation under close review. Owing to the scale of uncertainty being caused by the pandemic, the Board has made two important strategic decisions: to cancel the Group's 2020 interim dividend and to change Photo-Me's accounting reference date.\n \n \n \n \n \n Trading Update\n \n \n \n \n \n As noted in the announcement of 17 March 2020, the Group's business continues to be impacted by COVID-19. Since the end of February, owing to the severe limitations being imposed on the movement of people across almost all of the regions in which the Group operates, Photo-Me has since seen a significant drop in revenues across its sites. As a result, the Board has taken steps (and continues to do so) to reduce capital and other expenditure and improve cash flow, including by deferring repayment of loans, obtaining additional credit facilities, and furloughing employees, to ensure the Group continues to be well capitalised and has sufficient liquidity during this uncertain period. \n \n \n \n \n \n Due to these macroeconomic uncertainties, the Board is withdrawing current market guidance and will provide a further update on guidance once more clarity is known around the outlook of the business.\n \n \n \n \n \n Dividends\n \n \n \n \n \n On 10 December 2019, the Board announced its intention to pay an interim dividend of 3.71 pence\n per Ordinary share on 11 May 2020, with a record date of 14 April 2020.\n Th...