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ASX ann today
PTO 9:03 AM Photo Me booths photobooth rollout
Photo-Me boosts stage one of national photobooth roll out
Australia’s largest operator of digital photobooths, Photo-Me Australia (ASX Code: PTO), announces that it has increased the size of stage one of its expansion plans to significantly boost the size of its national network of leading edge technology photobooths by December 2007.
The Company recently received confirmation from its seafreight logistics operator that a further ninety six (96) new digital Minibooth III are currently being shipped to Australia. It is anticipated that arrival and installation of these photobooths will take place during November and December.
Upon having the 96 Minibooth III’s installed and operating, the Company will have 328 digital photobooths operating within our national network. This compares with our earlier advice last month that the stage one roll out would boost the photobooth state to 300. This larger roll-out strategy represents a 63% increase in the number of photobooths operating since the Company
listed on the ASX on 7 June of this year.
Photo-Me managing director, Mr Vince Accardi, said today that the 96 Minibooth III photobooths will be deployed within prime shopping mall locations across Australia. “We have sought and received a greater number of our leading edge Minibooth III machines in response to substantial demand from our leading landlord customers,” Mr Accardi said.
Earlier this month, the company released its preliminary annual results for the year ending 30 June 2007. Revenue had increased 23% from the previous financial year, on virtually the same number of active photobooths. The key driver to the improvement in revenue was a 29% increase in transactions. “Although the Company is taking a very steady approach to rolling out these additional photobooths, the Company is very eager to deploy these machines as it will have an immediate and positive impact on revenue for the business.” Mr Accardi said.
“We continue to have a significant amount of unfulfilled demand from Australia’s leading landlords for our photobooths and we will be announcing further expansions of the network as the machines become available,” Mr Accardi said.