ME Group upgrades outlook

U.K. instant-services company ME Group International plc (formerly known Photo-Me International) reports continued positive trading momentum and has upgraded its FY22 outlook. 

The company said the group’s first-half performance was ahead of expectations, with a strong recovery seen across Continental Europe. This positive trading momentum continued throughout the second half, with stronger consumer demand for all the group’s services. Trading with the Asian market continued to remain more subdued due to pandemic restrictions remaining in place for longer than in the Group’s other operating regions.

“As a consequence of the trading momentum, the Board now expects its FY22 financial performance to be ahead of its previously revised expectations,” the company said. “Revenue is now expected to approximately be between £256 million and £262 million (previously management expectations were £257 million). EBITDA is expected to be between £82 million and £85 million (previously £79 million to £84 million). Adjusted profit before tax (before exceptional items) is expected to be in the range of £52 million to £54 million (previously £47 million and £50 million).”