ME Group reports positive financial performance, boosted by photobooths

 ME Group International plc,  the instant-service equipment group formerly known as Photo ME, announces a post-year end update in respect of the 12 months ended Oct. 31, 2023. Following a strong first-half performance, the group continued to see positive trading momentum throughout the second half, particularly across its core Photobooth and Laundry operations, the company said.  

For the 12 months to Oct 31, 2023, the group expects revenue to be marginally below the lower end of the previous guidance range but to be no less than £298 million. Nevertheless, given the Group’s focus on profitability, EBITDA remains in line with the previously stated guidance range, the company said, and the group expects it to be significantly above £100 million.

ME Group reports the rollout of next-generation multi-service photobooths is well underway, initially focused in France, with approximately 547 machines installed to date. This photo booth was developed by the group’s in-house R&D team and offers a range of new functionalities, include ‘Mobile to Print’, user personalization services using AI and photo filters. The group is currently installing approximately 180 next-generation units per month and aims to increase this to approximately 250 new installations per month during 2024. At the same time, the group is modernizing the hardware of its existing photobooth estate and installing its new proprietary software at a rate of around 200 machines per month.

During this period, the group significantly extended its presence in Japan through the acquisition of 3,548 photobooths from FUJIFILM in September 2023, positioning the group as the leading operator in the Japanese photo booth market, with more than 15,000 machines in operation, the company claims.

The Group will publish its 2023 Annual Results in February 2024.