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ME Group International PLC on Tuesday reported record interim profit, with its fast-expanding laundry division emerging as the key growth driver, and it said it is confident in meeting is full-year guidance.
The Surrey, England-based vending machine operator posted pretax profit of £34.0 million for the six months that ended April 30, up 14% from £30.0 million a year earlier.
Revenue rose 2.3% to £153.8 million from £150.4 million, and diluted earnings per share climbed 13% to 6.74 pence from 5.97p.
Strong demand across all geographies for the company’s Revolution-branded laundry machines was the standout performance in the first half, said ME Group, which still also offers its Photo.ME automatic photobooths.
Total laundry revenue jumped 18% to £51.9 million from £44.1 million a year before, while vending revenue from the Revolution units grew 13% to £46.7 million from £41.2 million. Laundry activities now contribute nearly half of the group’s earnings before interest, tax, depreciation, and amortisation, ME Group said.
Chief Executive Officer Serge Crasnianski said: ‘We are pleased to report record trading momentum in the first half, driven by a strong performance from our rapidly growing laundry operations.’
The firm increased its interim dividend by 12% to 3.85p from 3.45p. It said the payout will return £14.5 million to shareholders and reaffirmed its commitment to distribute more than 55% of annual post-tax profits.
ME Group reiterated it is on track to meet full-year profit expectations, forecasting pretax profit between £76 million and £80 million, up from £73.4 million in financial 2024.
Crasnianski said: ‘The board’s expectations for financial 2025 are unchanged, and the group remains well-positioned for long-term success.’
Ebitda rose to £53.2 million from £51.2 million, and net cash increased to £36.2 million from £21.7 million.
Shares in ME Group were up 2.1% to 221.50 pence in London on Tuesday morning.
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