ME-Group posts improved results
The ME Group (formerly Photo-Me International plc) reported 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 and the Republic of Ireland, the company said. Photo.ME revenue increased by 25.2% to £154.3 million as photobooth activity continued to recover following the easing of travel and social restrictions across most territories.
“Our performance in FY 2022 showed strong recovery particularly within our photo booth operations despite some continued disruption from COVID-19 in the Period, and the macro-economic challenges impacting business,” said Serge Crasnianski, CEO and Deputy Chairman. “We have continued with our strategic focus on innovation, R&D, and diversification which remain important factors in the Group’s long-term growth strategy. We remain in a strong financial and liquidity position to fund future growth whilst continuing to navigate the broader macroeconomic headwinds.”
|
Reported |
|||
|
12 months ended |
12 months ended |
Change |
|
|
Revenue |
£259.8m |
£214.4m |
+21.2% |
|
EBITDA1 |
£92.2m |
£65.1m |
+41.6% |
|
Profit before tax2 |
£53.4m |
£28.6m |
+86.7% |
|
Profit after tax |
£38.8m |
£21.9m |
+77.2% |
|
Cash generated from operations |
£87.9m |
£66.1m |
+33.0% |
|
Gross cash |
£136.2m |
£99.4m |
+37.0% |
|
Net cash3 |
£34.0m |
£34.9m |
+2.6% |
|
Earnings per share (diluted) |
10.23p |
5.77p |
+77.3% |
|
Dividends:4 |
|||
|
– Interim Dividend per ordinary share (declared) |
2.6p |
nil |
n/a |
|
– Special Dividend per ordinary share (paid) |
6.5p |
nil |
n/a |
|
– Final Dividend per ordinary share (declared) |
3.0p |
2.89p |
n/a |
|
Total dividend per ordinary share |
12.1p |
2.89p |
n/a |
1 EBITDA is Reported profit before tax, total depreciation and amortisation, other net gains, finance cost and income.
2 Includes impairments and provisions
3 Net cash excludes investments in convertible bonds (£4.3m) and lease liabilities (£15.9m). See note 19 of the Financial Statements for details of net cash
4 Special Dividend paid on 1 September 2022 (£24.57m), Interim Dividend paid on 3 November 2022. The Declared Final Dividend will be paid on 12 May 2023, subject to approval at the AGM