Business
Year End Trading Update
Year End Trading Update.
About this update from Me Group International Plc
[{"type":"text","content":"\n\n\n30 November 2023\n \nME GROUP INTERNATIONAL PLC\n(\"ME Group\" or \"the Group\" or \"the Company\")\n \nYear-end Trading Update\n \nRecord financial performance, with rollout of next generation photobooths underway\n \nME Group International plc (LSE: MEGP), the instant-service equipment group, announces a post-year end update in respect of the 12 months ended 31 October 2023.\n \nTrading Update\n \nFollowing a strong first-half performance, the Group continued to see positive trading momentum throughout the second half, particularly across its core Photobooth and Laundry operations, reflecting continued strong consumer demand. The Group expects to have delivered a record financial performance for the year, despite some operational challenges within its Feed.ME division, which has since been reorganised.\n \nFor the 12 months to 31 October 2023, the Group expects revenue to be marginally below the lower end of the previous guidance range1 but to be no less than £298 million. Nevertheless, given the Group's focus on profitability, EBITDA remains in line with the previously stated guidance range1 and the Group expects it to be significantly above £100 million. Profit Before Tax is expected to be towards the top end of the previous guided range1 and no less than £67 million.\n \nStrategic Progress\n \nThe Group also made good progress in delivering on its five-year growth strategy. \n \nThrough technological innovation, the Group has continued to expand and diversify its services. The rollout of its next-generation multi-service photobooths is well underway, initially focused in France, with approximately 547 machines installed to date.\n \nThis next generation photobooth was developed by the Group's in-house R&D team and offers range of new functionalities, focused around enhancing the user experience. These new features include 'Mobile to Print', user personalisation services using AI and photo filters. The Group expects other new functions will be added over time.\n \nThe Group is currently installing approximately 180 next-generation units per month and aims to increase this to approximately 250 new installations per month during 2024.\n \nAt the same time, the Group is modernising the hardware of its existing photobooth estate and installing its ne...