ME Group report six-month results

ME Group International plc announced interim results for the six months ended April 30, 2023, including strong performance across all business areas, underpinned by consumer demand and diversification of services. Revenue was up 24.7% and profit before tax up 36.7%, driven by progress across all of the key business areas – photobooth, laundry and digital printing services – and in all of its 19 operating markets.

Photo.ME revenue was up 25.4% to £83.9 million, driven by demand for photo ID and increased activity across all territories, particularly Continental Europe and Asia Pacific, the company said. Print.ME revenue up 11.5% at 5.8 million with 183 new kiosks were deployed in France during the period.

Rollout of next-generation multi-service photobooths is underway and the Group is focused on deploying these across its key territories. The group aims to install between 1,000 and 1,500 machines in France by the end of October 2023.

“The group has achieved an extremely strong first-half performance across its key business areas and in all of its 19 operating markets, which delivered significant growth in revenue, EBITDA and profit before tax in the period,” said Serge Crasnianski, CEO & Deputy Chairman. “As a result, the board increased its outlook for the current financial year FY 2023 in early June.

“ME Group is a high-potential business that continues to offer growth opportunities in existing and new geographic markets,” he added. “We have a dominant market position in most of the markets in which we operate and our long-term customer contracts provide us with good predictability and visibility on revenue streams.  Our operations are highly cash-generative and these cash flows are used to fund growth through product innovation and expansion, and allow us to deliver value to shareholders through growth and dividends.  Reflecting our solid business model and continued strategic progress, ME Group has re-entered the FTSE 250 Index.

“Looking ahead, 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.”