Photo-Me move kills off dividend

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Its board, which is in the process of a major strategic review while at the same time fending off the attentions of a former chief executive and significant shareholder, today decided to cut "substantially the useful lives of photobooths".

It is likely that the booths, which had been depreciated over eight years, will now be written down over just five years.

That decision is likely to leave the company with a black hole in its accounts, even though the writedown would not involve any movement of cash.

Because of this, the board took the highly unusual step of cancelling the 1p a share dividend it had declared with its first-half results last December.

That dividend would have cost Photo-Me £3.6 million.