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Date: Monday 21 Jul 2008

LONDON (ShareCast) - Troubled digital photography group Photo-Me has sold its loss-making US vending business to ex-employee Jean-Claude Perrottey, giving its shares a boost Monday.

The business operated 250 photobooths, or just over 1% of the group total and lost £700,000 in the year ended 30 April 2008 on revenue of £1.2m.

Photo-Me said the consideration was nominal, but will give rise to a small exceptional profit on sale.

“The disposal is part of Photo-Me's strategy to divest of small, remote and loss-making businesses and to focus on development and diversification of its well-established businesses,” it added.

“The USA remains an important market for Photo-Me's equipment sales activities.”

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