ME Group delivers 'year of record financial performance'

22nd Feb 2024 07:26

(Sharecast News) - Instant-service equipment business ME Group said on Thursday that it had delivered a "year of record financial performance", with both revenues and profits growing in the 12 months ended 31 October.

ME Group said revenues were 14.6% higher at £297.7m, while underlying earnings grew 15.6% to £106.6m and pre-tax profits surged 25.7% to £67.1m. Earnings per share were 30.1% higher on a diluted basis at 13.31p.

The FTSE 250-listed group noted that its next-generation photo booth rollout was underway, modernising and digitalising its photobooth estate, while it also continued the expansion of its laundry operations.

ME added that it had created further shareholder value through dividends, with total dividends per share increasing from 12.70p to 7.39p.

Chief executive Serge Crasnianski said: "We are pleased to report a year of record financial performance during which we continued to make good strides in delivering on our long-term growth strategy. We have reported strong revenue and profit growth across all of our business areas and geographic regions, achieved despite the widely reported macroeconomic challenges.

"The board looks ahead to the future with confidence and, notwithstanding changes in the macro environment, expects the group to build on the success of FY 2023 and achieve continued revenue and earnings growth in FY 2024."

As of 1100 GMT, ME Group shares were 4.82% higher at 139.20p.

Reporting by Iain Gilbert at Sharecast.com