Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Add shares to your
quickpicks to
display them here!

ME Group reports boost in interim profit in "strong first-half"

12th Jul 2023 08:21

(Alliance News) - ME Group International PLC on Wednesday reported that its interim profit and revenue were up, with growth in its key divisions.

ME Group, the Epsom, Surrey-based vending machine operator, reported in six-months ended April 30 its pretax profit increased 37% to GBP27.2 million from GBP19.9 million.

The company said this was driven by progress across its key business areas, particularly laundry, photobooth, and digital printing services.

Revenue increased 25% to GBP143.8 million from GBP115.3 million, with the company's Photo.ME revenue rising 25% to GBP83.9 million from GBP66.9 million in the same period the year prior, and Wash.ME revenue up 37% to GBP37.8 million, up from GBP27.6 million.

Chief Executive Officer & Deputy Chair Serge Crasnianski said: "The group has achieved an extremely strong first-half performance across its key business areas in in all of its 19 operating markets, which delivered significant growth in revenue, earnings before interest, tax, depreciation, and amortisation, and profit before tax."

Net cash at April 30 was GBP24.4 million, down from GBP42.2 million at the same time a year prior. ME Group said this reflected an increase in borrowing compared to April last year.

ME Group declared a dividend for its first-half of 2.97 pence per share, up from 2.60p the prior year. The total dividend was 2.97 pence per share, down from 9.10p, due to a special dividend of 6.50p that was declared last year.

The company said that it continues to focus on its five-year growth strategy, and that it has an active pipeline of opportunities.

ME Group said current market expectations for the full-year see revenue between GBP300 and GBP320 million, Ebitda between GBP100 and GBP110 million, and pretax profit between GBP64 and GBP67 million.

"The board remains confident in the group's growth strategy and strong financial position which provides us with a platform to fund future growth opportunities," said CEO & Deputy Chair Crasnianski.

Shares in ME Group were down 1.9% at 168.50 pence in London on Wednesday morning.

By Will Neill, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved

FTSE 100 Latest