24th Feb 2025 08:59
(Alliance News) - ME Group International PLC on Monday reported "record profitability" for its full year as demand for its laundry services drove revenue growth, and lifted its dividend.
The Birmingham, England-based instant-service equipment company said pretax profit for the year ended October 31 stood at GBP73.4 million, up 9.4% from GBP67.1 million a year prior. Revenue rose 3.4% to GBP307.9 million from GBP297.7 million, with laundry services continuing to be a key growth driver.
Diluted earnings per share rose to 14.27 pence from 13.33 in financial 2023.
Revenue from the company's Wash.ME Revolution laundry vending business jumped 19% to GBP90.6 million from GBP76.1 million. The total number of Revolution laundry machines grew 16% to 6,433, in line with the company's target of installing 80 to 90 machines per month.
ME Group raised its total dividend by 6.8% to 7.90p per share, up from 7.39p a year earlier. It proposed a final dividend of 4.45p per share.
"We have continued to deliver on our long-term strategy of expanding our laundry business across new and existing geographies," said Chief Executive Officer Serge Crasnianski. "The board remains confident in the group's growth strategy and strong financial position, which provide a platform for future growth opportunities."
Looking ahead, ME Group said it plans to install 1,200 new Revolution laundry machines in financial 2025 and expects pretax profit to range between GBP76 million and GBP80 million.
Shares in ME Group opened down 2.3% at 217.00 pence in London on Monday.
By Eva Castanedo, Alliance News reporter
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