Photo-Me sees red from euro woes

PHOTO-booths operator Photo-Me International has warned it will plunge into the red after disruption of its Continental trade caused by the introduction of the euro and lack of significant sales of its digital photo-processing minilabs.

A month before its current financial year ends, the company said profits from normal trading would only break even, and after exceptional write-downs a material loss is expected. Last year Photo-Me made an operating profit of £23.7m, but after warning of tough conditions in January the forecast was cut to £6m.