Buckingham-based distributor Inox Equip has released its first annual report, publicly available on Companies House, since it changed ownership.
The firm was sold to instant service equipment group Photo-Me International, well known for operating photo booths and other vending kiosks, on 1 August 2017.
Accordingly, Inox Equip’s accounting year has been aligned with its parent company, ending last year on 30 April 2018.
Therefore its latest financial results only relate to the 7 months between 1 October 2017 and 30 April 2018.
In that period, the distributor generated £3.2m of revenue. When compared to a 7 month proportion of the unaudited turnover for the 12 months ending 30 September 2017, totalling £4.7m, this indicates that Inox Equip is on course to grow by 17%.
However, operating profit figures have dipped into the red. In the 12 months to 30 September 2017 the total was £0.3m, but in the latest abridged period, this proportionally fell by 409% to a £0.5m loss.
As part of the buyout, Photo-Me’s COO Eric Mergui and CFO Stephane Gibon joined Inox Equip’s board. Former director Mark Kendall resigned from his role towards the end of last year to take up the position of commercial director at buying consortium Cedabond.