Ahead of its AGM, Photo-Me’s trading update confirms that performance is “consistent with expectations”. The announcement notes that the Group’s investments in integrated identification technologies and the laundry business have remained a key focus. Revenues have grown by 11.2% in the first five months of PhotoMe’s current financial year, aided by currency tailwinds. The Group has continued the rollout of its encrypted photo ID upload technology, while expansion of the owned and operated laundry business has continued in line with strategy. Photo-Me says that it is currently reviewing the progress of the UK Photo Division of Asda which it acquired last year. The outlook comment is overall positive, while noting some softening of the UK and Japanese markets. We make no changes to estimates at present noting the growth in revenues in the first five months of the current financial year which underpins our current numbers for FY 2018E.