Surrey's ME Group confident on delivering record profitability for year

Epsom-headquartered ME Group International plc, which operates instant-service vending equipment across 18 countries, including Photo.ME photobooths and Wash.ME laundry services, said it was confident in delivering record profitability for the year, in line with market expectations.

In a first half trading update, the firm said its laundry operation was the fastest growing, with revenue up 17.4% in the six months to April 30 this year, compared to H1, 2023.

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The number of Revolution laundry machines in operation grew by 18% with a record 420 Revolution machines installed in the half, it added.

Photobooth activity across all territories performed as expected with Photo.ME revenue up 2.3% compared with H1 2023, driven by global demand for official photo ID.

Positive trading momentum continued throughout the first half compared with the six months a year earlier with group revenue up 4.6%, the firm said in statement.

ME Group remains in a well-capitalised and strong financial position.

At the end of April this year, the company had a gross cash position of £82.9 million (H1 2023: £113.1 million), and a net cash position of £21.9 million (H1 2023: £24.4 million), excluding investments in convertible bonds of £4.7 million (H1 2023: £4.7 million).