1st Mar 2023 12:30
(Alliance News) - ME Group International PLC on Wednesday reported double-digit rises in both annual revenue and profit, as it eyes new year outlook to be in line with guidance.
Shares were up 7.7% at 136.25 pence each on Wednesday around midday in London.
The instant-service equipment firm formerly known as Photo-Me International said revenue increased by 21% to GBP259.8 million in the year ended on October 31 from GBP214.4 million a year ago.
Pretax profit jumped by 87% to GBP53.4 million from GBP28.6 million, as earnings per share rose by 77% to 10.23 pence from 5.77 the year before.
Earnings before interest, tax, depreciation and amortisation amounted to GBP92.2 million, up 42% from GBP65.1 million.
The company said the strong financial performance was driven by "increased demand and a progressive increase of prices", particularly for photobooth and laundry services, across Continental Europe and in the UK & the Republic of Ireland.
Chief Executive Officer Serge Crasnianski said: "Our performance in financial 2022 showed strong recovery particularly within our photobooth operations despite some continued disruption from Covid-19 in the Period, and the macro-economic challenges impacting business."
ME Group International declared a final dividend of 3.0 pence per share. This takes the total dividend to 12.1 pence per share, up significantly from 2.89 pence a year prior. In financial 2022, it paid a 6.5p special dividend and a 2.6p interim dividend, compared to none for both a year prior.
Looking ahead, the company expects revenue to reach between GBP280 million and GBP300 million, with consensus at GBP284.8 million. Pretax profit is expected to be in the range of GBP61 million to GBP65 million, with consensus standing at GBP58.5 million for financial 2023. It said that the outturn is in line with expectations.
By Xindi Wei, Alliance News reporter
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