ME Group shows growth in 2024 fiscal year update

ME Group International plc,  the instant-service equipment group, announced a post-year end trading update for the 12 months ended Oct. 31, 2024. Building on the positive trading momentum throughout the first half of 2024, the group reported continued growth and expects to report FY 2024 as a year of record profit and financial performance in line with the board’s expectations. The group expects to publish its annual results for the financial year ended Oct. 31, 2024, in mid-February 2025.

Year-on-year, the group expects reported revenue to be not less than £308 million, up c.3% for FY 2024, and up c.7% to not less than £318 million excluding the previously announced FX impacts. Adjusted EBITDA is expected to be not less than £112 million, up c.5% (up c.9% to not less than £116 million excluding FX impact¹) and Profit Before Tax is expected to be not less than £73 million, up more than 10% (not less than £75 million excluding FX impact).

Wash.ME Revolution laundry operations were the key growth driver in the year, with net revenue up c.19% (c.21% excluding FX impact) compared with FY 2023. In total a record 1,111 machines (including 211 relocations) were installed across key regions including France and the UK, in line with the Group’s target of 80-90 laundry machine installations per month.

The group’s photobooth operations were stable and performed as expected. This business remained highly cash-generative with Photo.ME revenue up c.0.4% (up c.4.4% excluding FX impact). The group continued to roll out its next-generation photobooths mainly in France. While the rate of deployment of these machines was slightly slower than expected, the company said, partly due to some technical issues, the group continued to make progress with its rollout program.

In other news, the company also announced Camille Claverie has decided to step down as a non-independent Non-Executive Director of the company, effective from Dec. 4, 2024.