ME Group on track for record perfomance; photo booths up 2.4%

ME Group International plc, the instant-service equipment group, announced an update on the group’s trading for the six months ended 30 April 2024. Positive trading momentum continued throughout H1 2024 compared with the six months ended 30 April 2023, with group revenue up 4.6% (up 8.6% excluding foreign exchange impact) and profit before tax up 10.3% (up 13.6%, excluding foreign exchange impact). The group remained focused on the continued growth of its core photobooth and laundry operations.

Photobooth activity across all territories performed as expected with Photo.ME revenue up 2.3% (up 7.4% excluding foreign exchange impact) compared with H1 2023, driven by global demand for official photo ID. The 3,548 photobooths previously acquired in Japan have now been fully integrated into the Group’s Japanese operations and have started to benefit from network optimization. 

Wash.ME Revolution laundry operations is the fastest growing business area with revenue up 17.4% (19.6% excluding FX impact) compared with H1 2023, as the group delivered on its rollout of Revolution laundry machines and built on its record performance. The number of Revolution laundry machines in operation grew by 18% compared to H1 2023, with a record 420 Revolution machines installed in H1 2024.  

The Group remains in a well-capitalized and strong financial position, with high cash flow generation and long-term customer contracts providing the Group with good predictability and visibility on revenue streams. At 30 April 2024, the Group had a gross cash position of £82.9 million (H1 2023: £113.1 million), and a net cash position of £21.9 million (H1 2023: £24.4 million), excluding investments in convertible bonds of £4.7 million (H1 2023: £4.7 million).