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Highlights
- Group revenue rose 3.4% to £307.9 million, with laundry services driving growth.
- Record pre-tax profit of £73.4 million, up 9.4% from 2023.
- Dividend increased by 6.8% to 7.90 pence per share.
ME Group International plc (LSE:MEGP) has reported robust financial results for the year ended 31 October 2024, showcasing revenue and profit growth fueled by the rapid expansion of its Revolution laundry services. The Group’s cash generation and disciplined growth strategy led to record-breaking profits and an increased dividend for shareholders.
Revenue Growth Driven by Laundry Expansion
ME Group’s total revenue climbed 3.4% to £307.9 million (up 6.8% excluding FX impact), primarily powered by the continued success of its Wash.ME Revolution laundry vending service. Revenue from the laundry segment surged 19.1% to £90.6 million, with a record 1,168 new machines installed — pushing the total fleet to 6,433, in line with the company’s goal of 80–90 installations per month.
Meanwhile, the Photo.ME segment remained stable, generating £173.2 million in revenue, a modest 0.4% increase (or 4.4% excluding FX impact). This steady performance highlights the resilience of the Group’s photo business, even as it aggressively expands its laundry footprint.
Profitability and Cash Flow Strength
The Group’s EBITDA rose 7.1% to £114.2 million, with margins improving to 37.1% (up from 35.8% in 2023). The Wash.ME segment delivered particularly impressive results, with EBITDA margins expanding to 51.4%.
Pre-tax profit hit a record £73.4 million, reflecting a 9.4% increase year-on-year (10.4% excluding FX impact). The Group’s pre-tax profit margin grew to 23.8%, highlighting its focus on high-quality, profitable growth. Cash generation remained at £107.4 million, while net cash rose 12.7% to £38.2 million.
Shareholder Returns and Future Outlook
ME Group announced a total dividend of 7.90 pence per share, a 6.8% increase, reflecting confidence in its financial health and future prospects. This includes an interim dividend of 3.45 pence and a proposed final dividend of 4.45 pence per share.
