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Photo booths firm Photo-Me International today reported losses of £17.7 million and turned to former chief executive Serge Crasnianski to improve its fortunes.
The firm, whose chairman Hugo Swire is Conservative MP for East Devon, appointed Crasnianski interim chief executive ahead of the departure of Thierry Barel tomorrow.
Crasnianski, Photo-Me's largest shareholder with a 22.2% stake and chief executive from 1998 to 2007, was also made deputy chairman having returned to the board in May.
The firm said the search for a new permanent chief executive "is well advanced" and that Crasnianski's "knowledge of the business will be most useful" to whoever is appointed.
Barel is leaving after less than two years after being poached to become chief operating officer of French industrial group Faiveley.
Photo-Me's losses for the 12 months to the end of April were slightly smaller than the £19.8 million deficit racked up the previous year and follow a profits warning in February.
The firm said results this year will be dictated by the state of the economy which will determine how many people need passport photos for travelling abroad.
