ME Group International (MEGP) Trading Update summary

Trading performance and profitability

• Achieved record profit for FY 2024, with revenue expected at not less than £308 million, up approximately 3% year-on-year, and up 7% excluding FX impacts.

• Adjusted EBITDA anticipated at not less than £112 million, up 5% (or £116 million, up 9% excluding FX impacts).

• Profit before tax expected to exceed £73 million, up more than 10% (or £75 million excluding FX impacts).

Business segment highlights

• Wash.ME Revolution laundry operations drove growth, with net revenue up 19% (21% excluding FX), and a record 1,111 machines installed.

• Photobooth operations remained stable and highly cash-generative, with Photo.ME revenue up 0.4% (4.4% excluding FX).

• Continued rollout of next-generation photobooths, mainly in France, despite a slightly slower deployment rate due to technical issues.

Financial position and capital allocation

• Maintained strong financial position with gross cash of £86.1 million and net cash of £38.2 million as of 31 October 2024.

• Invested approximately £53 million in capital expenditures, repaid around £27 million in loans, and paid £28 million in dividends.