Interim Results

About this update from Me Group International Plc

[{"type":"text","content":"\n \n \n \n \n \n   \n   \n \n \n \n 22 July 2025 \n ME GROUP INTERNATIONAL PLC \n (\"ME Group\", \"the Group\" or \"the Company\") \n   \n Interim Results for the six months ended 30 April 2025 \n   \n Record H1 Group profitability \n   \n ME Group International plc (LSE: MEGP), the instant-service equipment group, announces its results for the six months ended 30 April 2025 (the \"Period\" or \"H1 2025\"). \n   \n KEY FINANCIALS \n \n \n \n \n \n \n \n H1 2025 \n \n \n H1 2024 4 \n \n \n \n \n \n \n \n Reported \n \n \n Constant Currency 3 \n \n \n Reported \n \n \n \n \n Revenue \n \n \n £153.8m \n \n \n £157.4m \n \n \n £150.4m \n \n \n \n \n EBITDA 1 \n \n \n £53.2m \n \n \n £54.5m \n \n \n £51.2m \n \n \n \n \n Profit before tax \n \n \n £34.0m \n \n \n £34.9m \n \n \n £30.0m \n \n \n \n \n Cash generated from operations \n \n \n £47.6m \n \n \n n/a \n \n \n £41.7m \n \n \n \n \n Gross cash \n \n \n £74.9m \n \n \n £74.7m \n \n \n £82.7m \n \n \n \n \n Net cash 2 \n \n \n £36.2m \n \n \n £35.9m \n \n \n £21.7m \n \n \n \n \n Earnings per share (diluted) \n \n \n 6.74p \n \n \n 6.97p \n \n \n 5.97p \n \n \n \n \n Interim Dividend per ordinary share \n \n \n 3.85p \n \n \n n/a \n \n \n 3.45p \n \n \n \n \n   \n 1   EBITDA is profit before depreciation, amortisation, non-operating income/expense and finance cost and income. \n 2   Net cash excludes lease liabilities of £9.7 million. Refer to note 12 for the reconciliation of net cash to cash and cash equivalents per the financial statements \n 3 Constant currency is H1 2025 results translated using the prior year foreign exchange rates. This excludes the impact from foreign exchange rate movements (\"FX impact\") over the past 12 months, particularly the Japanese yen which saw a 2.7% decrease in value against pound sterling (average rate of exchange used in H1 2025 was yen/£ 192.67 vs H1 2024 yen/£187.60), and a 2.7% decrease in the euro against pound sterling (average rate of exchange used in H1 2025 was €/£1.194 vs H1 2024 1.163) \n 4 Six months ended 30 April 2024. \n   \n   \n H1 HIGHLIGHTS \n   \n ·      Strong first-half performance, delivering revenue up 2.3% (up 4.7% at constant currency 3 ), EBITDA up 3.9% (up 6.4% at constant currency 3 ), and profit before tax growth of 13.3% (up 16.3% at constant currency 3 ). \n   \n ·      Performance driven by total laundry operations which saw revenue increase by 17.7% to £51.9  million, with Revolution vending revenue up 13.3% to £46.7 million (up 15.8% at constant currency). \n   \n ·      The Group's EBITDA margin increased by 0.5 ppts to 34.6% and profit before tax margin increased by 2.2 ppts to 22.1%, reflecting the strong focus on disciplined cost control and operational leverage of the Group. \n   \n ·      Further strategic progress made on growth strategy, with net 523 Revolution units deployed in H1 2025 and the Group remains on track to install a total of 1,200 net Revolution units and 3,200 next-generation photobooths in 2025. \n   \n ·      Cash generated from operations grew by 14.1% to £47.6 million, further enhancing the Group's strong balance sheet, with gross cash of £74.9 million and net cash 2 of £36.2 million at the period end. The Group made loan repayments totalling £11.0 million in H1 2025. \n   \n ·      Diluted earnings per ordinary share up 12.8% to 6.74 pence, reflecting the Group's commitment to enhance returns for all shareholders. \n   \n ·      Interim dividend up 11.6% to 3.85 pence per Ordinary Share (H1 2024: 3.45 pence), which will return £14.5 million to shareholders. The Group remains committed to paying more than 55% of annual profits after tax to shareholders. \n   \n   \n OUTLOOK \n   \n ·      H1 2025 saw further strategic progress and profit growth in the period, despite a backdrop of broader challenging global markets. \n   \n ·      The Group remains focused on delivering in line with its long-term strategy to grow its core laundry and photobooths activities, leveraging its key strengths and significant competitive advantage. \n   \n ·      ME Group remains on track to deliver FY 2025 profit performance in line with expectations, with another year of record profitability. The Board continues to anticipate FY 2025 profit before tax will be between £76 million and £80 million 1 . \n   \n   \n Serge Crasnianski, Chief Executive Officer (CEO) & Deputy Chairman , commented: \n   \n \"We are pleased to report record trading momentum in the first half, driven by a strong performance from our rapidly growing laundry operations. \n   \n \"The Group's predictable revenue streams and highly cash-generative characteristics continue to support our strong balance sheet. We have a clear growth strategy and competitive advantage. We leverage our R&D and market expertise, alongside our disciplined financial approach, to grow our photobooth and laundry activities and maximise return on capital, targeting a rapid return on investment. \n   \n \"The Board's expectations for FY 2025 are unchanged, and the Group remains well-positioned for long-term success\" \n   \n   \n ENQUIRIES: \n   \n \n \n \n \n ME Group International plc \n \n \n +44 (0) 1372 453 399 \n \n \n \n \n Stéphane Gibon, CFO \n \n \n [email protected]   \n \n \n \n \n Vlad Crasneanscki, Executive Director & Head of Investor Relations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Hudson Sandler \n Wendy Baker / Nick Moore \n   \n \n \n +44 (0) 20 7796 4133 \n   [email protected] \n \n \n \n \n \n \n \n \n \n \n \n \n \n [1] This statement constitutes a profit forecast for the purposes of Rule 28.1 of the City Code on Takeovers and Mergers. Further information on the basis of preparation of this profit forecast, including the principal assumptions on which it is based, can be found in Appendix 1. \n \n \n NOTES TO EDITORS \n   \n ME Group International plc (LSE: MEGP) is an international market leader in automated self-service equipment aimed at the consumer market, with over 48,000 vending units currently in operation. \n   \n The Group operates, sells and services a wide range of instant-service vending equipment across 16 countries in its key regions of Continental Europe, the UK & Republic of Ireland and Asia Pacific. The Group's services include: \n   \n Core activities: \n   \n \n \n \n \n ·      \n \n \n Photo.ME \n \n \n Photobooths and integrated biometric identification solutions \n \n \n \n \n ·      \n \n \n Wash.ME \n \n \n Unattended laundry services and launderettes \n \n \n \n \n   \n Ancillary activities: \n   \n \n \n \n \n ·      \n \n \n Print.ME \n \n \n High-quality digital printing kiosks \n \n \n \n \n ·      \n \n \n Other vending \n \n \n Primarily foodservice vending equipment (Feed.ME), Children's rides (Amuse.ME), Photocopier services (Copy.ME) \n \n \n \n \n   \n The Group has a proven track record of innovation and diversification of its products and services, enabling it to respond to the evolving needs of its customers and consumers. \n   \n The Group benefits from well-established partnerships and long-term contracts with major site owners in attractive, high-footfall locations, enabling it to offer multiple products and services onsite. Partners include supermarkets, petrol forecourts, shopping malls (indoors and outdoors), transport hubs, and administration buildings (City Halls, Police etc.). \n   \n The Company's shares have been listed on the London Stock Exchange since 1962. \n   \n For further information: www.me-group.com \n   \n   \n CHAIRMAN'S STATEMENT \n   \n I am pleased to report the Group delivered another excellent performance in the first half of the financial year (\"H1 2025\") with record profitability, led by a strong performance from Revolution laundry operations and further expansion of this rapidly growing business area, alongside a solid performance from our established and market-leading photobooth operations. \n   \n This resulted in H1 2025 Group revenue growth of 2.3%, EBITDA growth of 3.9% and profit before tax growth of 13.3% compared with H1 2024. On a constant currency 3 basis the Group's performance was even stronger, with Group revenue and Group EBITDA up 4.7% and 6.4% respectively. Constant currency 3 excludes the negative impact of foreign exchange rate headwinds, which saw the value of the Japanese yen and the euro both 2.7% lower against the British pound sterling, compared with H1 2024. Further details on the financial performance are set out in the Chief Executive's Business and Financial Review below. \n   \n Our growth strategy \n   \n Our core activity is to install and operate automated-vending equipment, primarily photobooths and laundry machines, in high-footfall areas in return for commission and/or a fixed fee. This provides the foundations for executing our growth strategy, which is primarily focused on the expansion of laundry operations. The Group is focused on maximising its return on capital, targeting a very quick return on investment on all new laundry and photobooth machines. This disciplined approach and focus on driving cash returns enables the Group to reinvest in its growth pillars. \n   \n We leverage our key strengths, which include long-standing partnerships with site owners, to provide their customers with value-added self-service convenience and an increase in the time customers dwell on site. We also have a disciplined financial approach and a focus on driving production and operational efficiency, enabling us to capitalise on operating leverage as we grow our machine estate. These key strengths allow us to deliver a strong performance against our targeted payback periods and return on capital, exceeding the cost of capital. \n   \n Our success in diversifying our operations is proven through the evolving business mix. Wash.ME laundry activities now account for 33.5% of Group vending revenue and 47.7% of Group EBITDA, compared with 18.3% and 23.4% in 2019. \n   \n Innovation, supported by our in-house R&D team, remains at the heart of the Group. We refresh existing machine services and identify and develop new automated services to keep pace with ever-changing consumer demand.  The most recent addition to our machine portfolio was the launch of our new Kee.ME  automated key-cutting service, with the trial of three machines in France, which has produced promising results and high levels of customer interest. \n   \n The Board \n   \n On 3 June, post the period end, the Group was pleased to announce two appointments to the Board of Directors, which further broaden and enhance the skillset and experience of the Board. \n   \n Vladimir Crasneanscki was appointed Executive Director. Mr Crasneanscki will continue to be responsible for managing the business in the UK as well as Head of Investor Relations, a role he has held since January 2024. \n   \n Gregory Barker, Lord Barker of Battle, joined the Board as an independent Non-executive Director. Lord Barker, who began his career as an equity analyst, has served on numerous boards of both listed and private companies during his career. He is currently Chairman of the EV Network, and he serves on the boards of GlassView, the Clean Growth Leadership Network. He also chairs the advisory board of PowerHive. \n   \n The Board is delighted to be working closely with Vladimir and Lord Barker. The Board has worked hard to evolve its composition and believes it has a strong team in place to continue supporting the Group's execution of its long-term growth strategy. \n   \n Earnings and Dividend \n   \n Diluted earnings per share increased by 12.8% to 6.74 pence per share, which reflected the Group's continued focus on delivering profitable growth. \n   \n The Company's dividend policy seeks to pay annual dividends of more than 55% of annual profits after tax, subject to market and capital requirements. \n   \n The Board is pleased to declare an interim dividend of 3.85 pence per Ordinary Share (H1 2024: 3.45 pence per Ordinary Share), an increase of 11.6%, which will return £14.5 million to shareholders. The dividend will be paid on 28 November 2025 to shareholders on the register on 7 November 2025. The ex-dividend date will be 6 November 2025. \n   \n Looking ahead \n   \n Despite the background of challenging global markets, the Group has delivered record profitability in the first half of the financial year while also making good strategic progress, particularly the continued successful expansion of laundry operations. \n   \n Laundry operations continue to deliver significant growth for the Group. Whilst the photobooth revenue performance was slightly lower than expected due to a printer supplier issue, this issue was resolved in the Period and had a limited impact on Group profitability. \n   \n The Board remains focused on delivering against its long-term strategy to grow its core photobooth and laundry activities, leveraging its significant competitive advantage. Historically, the Group's performance is second-half weighted, and the Board continues to expect that FY 2025 profit before tax will be between £76 million and £80 million. The Board believes the Group is well-positioned for long-term success. \n   \n   \n Sir John Lewis OBE \nNon-executive Chairman \n   \n CHIEF EXECUTIVE'S BUSINESS AND FINANCIAL REVIEW \n   \n Financial performance \n   \n We are pleased to report that the record trading momentum seen in the last financial year continued in the first half of the financial year, driven by a strong performance from our rapidly growing laundry operations. \n   \n Reported Group revenue for H1 2025 was £ 153.8 million (H1 2024: £150.4 million) , an increase of 2.3% (up 4.7% at constant currency 3 ). Excluding the H1 2024 contribution from SEMPA SAS, which was sold in May 2024, revenue was 3.5% higher (up 5.9% at constant currency 3 ). \n   \n Reported Group EBITDA increased by 3.9% to £ 53.2 million (H1 2024 : £ 51.2 million), which delivered an improved Group EBITDA margin of 34.6%, up 0.5 ppts (H1 2024 : 34.1% ) . At constant currency 3 , Group EBITDA increased by 6.4%. \n   \n Our Wash.ME laundry business remained the key growth driver for the Group, with strong demand across all our geographies. Total laundry revenue grew significantly to £ 51.9 million (H1 2024: £44.1 million), an increase of 17.7% (up 20.2% at constant currency 3 ) . Total laundry EBITDA increased to £ 25.4 million (H1 2024: £21.1 million), an increase of 20.4% ( up 22.7% at constant currency 3 ). Vending revenue from Revolution laundry machines increased to £ 46.7 million (H1 2024: £41.2 million), an increase of 13.3%   (up 15.8% at constant currency 3 ) . \n   \n The revenue performance of our photobooth business was impacted by a technical issue with the new printers installed in some photobooths. This issue was resolved in April, however, it had an estimated 2.0% negative impact on photobooth revenue in H1 2025. Consequently, Photo.ME vending revenue was 3.7% lower at £ 82.7 million (down 1.4% at constant currency 3 ). Despite this, Photo.ME EBITDA increased by 1.0% to £ 29.6 million (up 3.4% at constant currency 3 ). Since the issue was fixed, the business has returned to growth, and we expect the business to be in growth for the full year. \n   \n Continental Europe delivered the strongest performance both in terms of revenue, up 3.8%  to £ 102.0 million (up 6.4% at constant currency 3 ), and operating profit was up 22.4% (up 25.7% at constant currency 3 ) at £ 25.7 million.  In the  UK   and the   Republic of Ireland , revenue improved to £ 26.1 million, an increase of 1.6% (2.3% at constant currency 3 ) and operating profit was 8.3% higher (up 9.7% at constant currency 3 ) at £ 7.8 million. While revenue in Asia Pacific declined by 2.7% to £ 25.7 million (up 0.4% at constant currency 3 ), operating profit improved 18.2% to £ 3.9 million (up 21.2% at constant currency 3 ) . Further detail is set out in the Review of Performance by Geography below. \n   \n Reported Group profit before tax was up 13.3% at £ 34.0 million (H1 2024 : £ 30.0 million), with the Group benefiting from operational leverage as the number of machines in operation increased. Profit before tax margin improved by 2.2 ppts to 22.1%. Profit after tax increased by 13.3% to £ 25.6 million (H1 2024 : £ 22.6 million). At constant currency 3 , profit before tax increased by 16.3% and profit after tax increased by 17.3%. \n   \n In March 2025, the Group completed a small acquisition of a photo ID competitor in Belgium, which added an additional 116 photobooths to its portfolio, all of which were profitable in the prior year. This further demonstrates delivery of the Group's growth strategy through expansion in existing and new geographic territories. The acquisition was funded via the Group's cash balances. \n   \n The Group is highly cash generative, with cash generated from operations up 14.1% to £ 47.6 million (H1 2024 : £ 41.7 million). We continue to reinvest cash generated from operations to support our growth strategy, focused on our two core activities of photobooth and laundry services. As a result, total capital expenditure was £ 28.8 million (H1 2024 : £ 26.6 million), primarily related to laundry (£14.4 million), photobooths (£5.7 million), Kiosks (£3.3 million) and site installation and groundworks (£2.5 million).  \n   \n Financial position \n   \n The Group's predictable revenue streams and highly cash-generative characteristics continue to support its strong balance sheet. \n   \n As at 30 April 2025, the Group had gross cash of £ 74.9 million, down £7.8 million ( 9.4% ) compared with H1 2024 (£82.7 million). However, the net cash balance improved by £14.5 million, up 66.8% , to £ 36.2 million (H1 2024: £21.7 million). In H1 2025, the Group made loan repayments totalling £11.0 million (H1 2024: £14.9 million) and continued to invest in its growth strategy.  \n   \n In the 12 months ended 30 April 2025, the Group returned £29.6 million to shareholders through dividend payments. The Group remains in a strong financial position with good liquidity to fund its future growth strategy. \n   \n OVERVIEW OF PRINCIPAL BUSINESS AREAS \n   \n The Group's operations are categorised into core activities (photobooths and laundry) and ancillary activities (digital printing and other vending). Below is an overview of each of the Group's business areas. \n   \n   \n Photo.ME - photobooths and secure integrated biometric photo ID solutions (Core business) \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n \n \n Number of units in operation \n \n \n 30,557 \n \n \n 30,708 \n \n \n \n \n Percentage of total group vending estate (number of units) \n \n \n 62.9% \n \n \n 64.0% \n \n \n \n \n Vending revenue 1 \n \n \n £82.7m \n \n \n £85.9m \n \n \n \n \n Capex \n \n \n £5.7m \n \n \n £9.0m \n \n \n \n \n EBITDA \n \n \n £29.6m \n \n \n £29.3m \n \n \n \n \n   \n 1 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services. This has previously been referred to as operating revenue. \n   \n The Group's p hotobooth operations remain the largest business area by number of machines, revenue and EBITDA contribution. The Group operates photobooth machines in 16 countries.  \n   \n Vending revenue 1 was down   3.7%   (down 1.4% at constant currency 3 ) to £ 82.7 million (H1 2024 : £ 85.9 million).  This was primarily due to the supplier printer issue, which was estimated to have had a 2.0% negative impact on photobooth vending revenue in H1 2025.  Photobooths contributed 53.8% of Group revenue. \n   \n The average revenue per photobooth (excluding VAT) was £ 2,704 , down 3 .3% compared with H1 2024 at £ 2,795 ). Although on a constant currency 3 basis, average revenue per machine was 0.9% lower.  This decline was due to the printer issue. The demand for photobooth services remained stable. \n   \n Capex was £ 5.7 million (H1 2024 : £ 9.0 million) as the Group progressed with its rollout of next- generation photobooths and the upgrading and replacement of older machines, albeit this was slower than expected owing to the printer issue. The Group plans to install a total of 3,200 next-generation photobooths in FY 2025. \n   \n EBITDA was £29.6 million (H1 2024: £29.3 million), an increase of 1.0%. EBITDA margin was 35.8% (H1 2024: 34.1%). Photobooth EBITDA represented 55.6% of Group EBITDA. At constant currency 3 , EBITDA increased by 3.4%. \n   \n At 30 April 2025, the number of photobooths in operation reduced slightly by 0.5% to 30,557 units (H1 2024 : 30,708 ), due to the removal of photobooths from sites until April 2025, which followed the previously communicated end of a contract in the UK . Photo.ME operations accounted for 62.9%   of the Group's total vending units, compared with 64.0% H1 2024, as the business mix continues to evolve due to a rapid growth in laundry operations. \n   \n The Group continues to demonstrate its innovative approach, and during the Period we launched a number of initiatives. This included a collaboration with the Aston Martin F1 Team through our photobooth at North Greenwich Underground Station, celebrating 75 years of Formula 1, and the launch of our AI image offering across 500 next-generation Photomaton photobooths through a new partnership with Paris Saint-Germain F.C. These partnerships further underpin the Group's ability to leverage broader marketing opportunities to build awareness in new market segments. In addition, the Group is consolidating its position in the photobooth market through significant innovation in fun photo products using AI. \n   \n Wash.ME - Unattended Revolution laundry services and launderettes (Core business) \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n \n \n Total Laundry units deployed (owned, sold and acquisitions) \n \n \n 8,528 \n \n \n 7,317 \n \n \n \n \n Total revenue from Laundry operations 1 \n \n \n £51.9m \n \n \n £44.1m \n \n \n \n \n Total Laundry EBITDA \n \n \n £25.4m \n \n \n £21.1m \n \n \n \n \n Revolution \n \n \n   \n \n \n \n \n \n \n \n  - Number of Revolutions in operation \n \n \n 6,956 \n \n \n 5,957 \n \n \n \n \n  - Percentage of total group vending estate (number of units) \n \n \n 14.3% \n \n \n 12.4% \n \n \n \n \n  - Vending revenue from Revolutions 2 \n \n \n £46.7m \n \n \n £41.2m \n \n \n \n \n  - Revolution capex \n \n \n £14.4m \n \n \n £12.0m \n \n \n \n \n   \n 1 Revenue from the operation of laundry machines plus revenue from the sale of laundry machines. \n 2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services. This has previously been referred to as operating revenue. \n   \n The Group's fastest growing business area by number of machines and EBITDA. \n   \n Total revenue from laundry operations 1 grew by 17.7% to £ 51.9 million (up 20.2% at constant currency).  Laundry operations continued to grow strongly, reflecting strong demand for laundry services alongside another period of record expansion of Revolution laundry units. The total number of laundry units deployed (owned, sold and acquired) increased by 16.6% year-on-year to 8,528 units at 30 April 2025 . \n   \n Total Laundry EBITDA increased by 20.4% to £ 25.4 million (H1 2024 £21.1 million), which represented an EBITDA margin of 54.0% in H1 2025 (H1 2024: 50.6%). Total laundry operations contributed 47.7% to Group EBITDA. \n   \n Continued growth of Revolution laundry operations \n   \n In line with the Group's growth strategy, Revolution laundry operations grew at pace, with a further 523 installations. As a result, the Group operated 6,956 machines, up   16.8% , as at 30 April 2025, and it represented 14.3% of the Group's total vending estate, up from 12.4% in H1 2024. \n   \n Vending revenue 2 from Group-operated Revolution laundry machines increased 13.3% to £ 46.7 million (up 15.8% at constant currency). This growth was supported by strong demand for rapid, large capacity laundry services from consumers. Revolution laundry vending revenue represented 30.4% of total Group revenue, up from 27.4% in H1 2024, as Revolution laundry operations continue to become a larger contributor to Group performance. \n   \n The average revenue per machine (excluding VAT) was £ 6,976 (H1 2024 : £ 7,171 ) down 2.7% compared with H1 2024. At constant currency, average revenue per machine (excluding VAT) was down 0.6%. The Group has undertaken a programme to install extra machines at sites with exceptionally high demand to increase capacity to match demand at peak times, such as weekends. Since May 2024, additional machines have been installed at 232 high demand sites. Subsequently, overall revenue has increased significantly, benefiting from the increased capacity. However, the increase in the number of machines in these locations has resulted in a decline in the average revenue per machine. \n   \n Capex increased by £2.4 million to £ 14.4 million , a 20% increase, which was almost entirely invested in the deployment of new Revolution machines. \n   \n The Group remains focused on further establishing and expanding its strong presence in the unattended laundry market and expects to be on track to install a total of 1,200 net Revolution laundry machines across target geographies during FY 2025. \n   \n Print.ME - High-quality digital printing service (Ancillary business) \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n \n \n Number of units in operation \n \n \n 4,471 \n \n \n 4,635 \n \n \n \n \n Percentage of total group vending estate (number of units) \n \n \n 9.2% \n \n \n 9.7% \n \n \n \n \n Vending revenue 1 \n \n \n £5.4m \n \n \n £5.2m \n \n \n \n \n Capex \n \n \n £3.3m \n \n \n £0.2m \n \n \n \n \n EBITDA \n \n \n £2.3m \n \n \n £2.0m \n \n \n \n \n   \n 1 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services. This has previously been referred to as operating revenue. \n   \n Print.ME is an ancillary business that primarily operates digital printing kiosks in France, where the majority of machines are located, and it has operations in the UK and Switzerland.  \n   \n Vending revenue 1 grew by 3.8% to £ 5.4 million (up 7.7% at constant currency 3 ). Print.ME represented a small contribution to Group revenue at 3.8% . \n   \n The performance benefited from the ongoing replacement of old model machines with new Speedlab machines in France to refresh the portfolio and enhance functionality and customer experience. In H1 2025, 422 old machines were replaced with next-generation models, 203 underperforming machines were removed, and 41 machines were installed in new locations.  The result is a slightly lower number of machines in operation but an increase in quality and average revenue per machine. The average revenue per machine (excluding VAT) increased by 8.1% to £ 1,200 (H1 2024: £1,110) and was up 12.1% at constant currency 3 . \n   \n As a result of the rollout of new Speedlab machines, capex increased to £ 3.3 million (H1 2024 : £ 0.2 million) . \n   \n EBITDA increased to £ 2.3 million (H1 2024: 2.0 million). Print.ME contributed 4.3% of Group EBITDA (H1 2024: 3.9%). EBITDA margin improved to 42.6% (H1 2024: 38.5%). \n   \n At 30 April 2025 , the Group had 4,471 kiosks in operation, down 3.5% (H1 2024 : 4,635 ). Print.ME kiosks accounted for 9.2% of the total number of vending units in operation. \n   \n Other Vending - Amuse.ME, Copy.ME and Feed.ME (Ancillary business) \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n \n \n Number of units in operation \n \n \n 6,579 \n \n \n 6,611 \n \n \n \n \n Percentage of total group vending estate (number of units) \n \n \n 13.5% \n \n \n 13.8% \n \n \n \n \n Vending revenue 1 \n \n \n £5.2m \n \n \n £5.0m \n \n \n \n \n Revenue from the sale of equipment \n \n \n £8.6m \n \n \n £10.2m \n \n \n \n \n Capex \n \n \n £0.6m \n \n \n £1.4m \n \n \n \n \n EBITDA \n \n \n £6.4m \n \n \n £5.8m \n \n \n \n \n 1 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services. This has previously been referred to as operating revenue. \n   \n As at 30 April 2025, the Group operated 6,579 other vending units (30 April 2024 : 6,611 ). This included 2,368 children's rides (Amuse.ME), 3,347 photocopiers (Copy.ME), 487 freshly squeezed orange juice vending machines, 19 pizza kiosks (Feed.ME) and 358 other miscellaneous machines. \n   \n These machines are profitable ancillary services, typically operated in high-footfall locations alongside the Group's core activities. This enables the Group to leverage its established site owner relationships and benefit from operating synergies. Feed.ME units are mostly situated in Japan and Australia. The Group also sells pizza-vending equipment in Continental Europe and the UK, albeit on a small scale, with 8 pizza machines sold in H1 2025. \n   \n Vending revenue 1 from Other Vending was £5.2m million (H1 2024: £5.0 million), an increase of 6.0%. \n   \n In addition, the Group earned £8.6 million in revenue from the sale of food vending equipment and the sale of other equipment, spare parts, consumables and services (H1 2024: £10.2 million). Excluding the H1 2024 contribution from SEMPA SAS (sold in May 2024), revenue from the sale of equipment, spare parts, consumables and services increased by 1.2%. \n   \n EBITDA improved 10.3% to £6.4 million, up 13.8% at constant currency 1 . \n   \n Other Vending accounted for 13.5% of the Group's total vending estate by number of machines, down 0.3% compared with the previous year, and represented 3.4% of the total Group revenue .   \n \n   \n REVIEW OF PERFORMANCE BY GEOGRAPHY \n   \n Commentary on the Group's financial performance is set out below, in line with the segments as operated by the Board and the management of the Group. These segmental breakdowns are consistent with the information prepared to support the Board's decision-making. Although the Group is not managed around product lines, some commentary below relates to the performance of specific products in the relevant geographies. \n   \n Vending units in operation \n   \n   \n \n \n \n \n \n \n \n At 30 April 2025 \n \n \n At 30 April 2024 \n \n \n Year on Year  \n \n \n \n \n \n \n \n Number \n \n \n % of total \n \n \n Number \n \n \n % of total \n \n \n % Change in \n \n \n \n \n \n \n \n of units \n \n \n estate \n \n \n of units \n \n \n estate \n \n \n Number of units \n \n \n \n \n Continental Europe \n \n \n 27,425 \n \n \n 56.4% \n \n \n 26,564 \n \n \n 55.4% \n \n \n 3.2% \n \n \n \n \n UK & Republic of Ireland \n \n \n 6,201 \n \n \n 12.8% \n \n \n 6,357 \n \n \n 13.3% \n \n \n (2.5)% \n \n \n \n \n Asia Pacific \n \n \n 14,964 \n \n \n 30.8% \n \n \n 15,024 \n \n \n 31.3% \n \n \n (0.4)% \n \n \n \n \n Total \n \n \n 48,590 \n \n \n 100% \n \n \n 47,945 \n \n \n 100% \n \n \n 1.3% \n \n \n \n \n   \n The total number of vending units in operation at 30 April 2025 increased slightly, up 1.3% to 48,590 compared with the prior Period (H1 2024 : 47,945 ), driven by the ongoing expansion of laundry operations. \n   \n Key financials \n   \n The Group reports its financial performance based on three geographic regions of operation: \n(i) Continental Europe; (ii) the UK & Republic of Ireland; and (iii) Asia Pacific. \n   \n Revenue by geographic region \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n Year on Year \n% change \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Continental Europe \n \n \n £102.0m \n \n \n £98.3m \n \n \n 3.8% \n \n \n \n \n UK & Republic of Ireland \n \n \n £26.1m \n \n \n £25.7m \n \n \n 1.6% \n \n \n \n \n Asia Pacific \n \n \n £25.7m \n \n \n £26.4m \n \n \n (2.7)% \n \n \n \n \n Total \n \n \n £153.8m \n \n \n £150.4m \n \n \n 2.3% \n \n \n \n \n   \n   \n Analysis of Revenue by Geographic Region \n   \n \n \n \n \n Six months ended 30 April 2025 \n \n \n Continental  \n \n \n United Kingdom \n \n \n Asia \n \n \n \n \n \n \n \n \n \n \n Europe \n \n \n & Ireland \n \n \n Pacific \n \n \n Total \n \n \n \n \n Photo.ME \n \n \n £51.8m \n \n \n £8.6m \n \n \n £22.3m \n \n \n £82.7m \n \n \n \n \n Wash.ME \n \n \n £30.7m \n \n \n £16.3m \n \n \n £0.1m \n \n \n £47.1m \n \n \n \n \n Print.ME \n \n \n £5.3m \n \n \n £0.1m \n \n \n - \n \n \n £5.4m \n \n \n \n \n Other Vending (including Feed.ME) \n \n \n £1.2m \n \n \n £0.9m \n \n \n £3.1m \n \n \n £5.2m \n \n \n \n \n Total vending revenue \n \n \n £89.0m \n \n \n £25.9m \n \n \n £25.5m \n \n \n £140.4m \n \n \n \n \n Sales of equipment, spare parts, consumables & services \n \n \n £13.0m \n \n \n £0.2m \n \n \n £0.2m \n \n \n £13.4m \n \n \n \n \n Total revenue \n \n \n £102.0m \n \n \n £26.1m \n \n \n £25.7m \n \n \n £153.8m \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 April 2024 \n \n \n Continental  \n \n \n United Kingdom \n \n \n Asia \n \n \n \n \n \n \n \n \n \n \n Europe \n \n \n & Ireland \n \n \n Pacific \n \n \n Total \n \n \n \n \n Photo.ME \n \n \n £53.0m \n \n \n £10.3m \n \n \n £22.6m \n \n \n £85.9m \n \n \n \n \n Wash.ME \n \n \n £27.6m \n \n \n £14.0m \n \n \n £0.1m \n \n \n £41.7m \n \n \n \n \n Print.ME \n \n \n £5.1m \n \n \n £0.1m \n \n \n - \n \n \n £5.2m \n \n \n \n \n Other Vending (including Feed.ME) \n \n \n £1.0m \n \n \n £0.8m \n \n \n £3.2m \n \n \n £5.0m \n \n \n \n \n Total vending revenue \n \n \n £86.7m \n \n \n £25.2m \n \n \n £25.9m \n \n \n £137.8m \n \n \n \n \n Sales of equipment, spare parts, consumables & services \n \n \n £11.6m \n \n \n £0.5m \n \n \n £0.5m \n \n \n £12.6m \n \n \n \n \n Total revenue \n \n \n £98.3m \n \n \n £25.7m \n \n \n £26.4m \n \n \n £150.4m \n \n \n \n \n   \n   \n Operating profit by geographic region \n   \n \n \n \n \n \n \n \n Six months ended \n30 April 2025 \n \n \n Six months ended \n30 April 2024 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Continental Europe \n \n \n £25.7m \n \n \n £21.0m \n \n \n \n \n UK & Republic of Ireland \n \n \n £7.8m \n \n \n £7.2m \n \n \n \n \n Asia Pacific \n \n \n £3.9m \n \n \n £3.3m \n \n \n \n \n Corporate costs \n \n \n £(4.3)m \n \n \n £(1.2)m \n \n \n \n \n Total \n \n \n £33.1m \n \n \n £30.3m \n \n \n \n \n   \n   \n Continental Europe \n   \n Continental Europe, the Group's largest region by number of machines, delivered the strongest growth in terms of both revenue and operating profit. Approximately 76.1% of the machines in operation are located in France.  \n   \n Revenue grew by 3.8% to £ 102.0 million (H1 2024: £98.3 million), and the region increased its contribution to total Group revenue to 66.3% . There was a foreign exchange movement impact on the reported performance, with a 2.7% decline in the value of the euro against the British pound sterling compared with H1 2024.  At constant currency 3 , revenue in the region was up 6.4%. \n   \n Vending revenue from Wash.ME operations performed particularly strongly, up 11.2%, and up 14.1% at constant currency 3 . A further 350 Revolution laundry machines were installed, bringing the total number of laundry machines in operation to 5,130. \n   \n   \n Photo.ME vending revenue declined by 2.3% due to the impact of the resolved printer technical issue mentioned above. At constant currency 3 , vending revenue was marginally up at 0.4%. Print.ME delivered vending revenue growth of 3.9% (up 7.8% at constant currency 3 ), benefiting from the recent installation of new SpeedLab printing kiosks in FY 2024. \n   \n We continue to work closely with our key customer accounts while maintaining and building our established partnerships to identify opportunities for further growth across our machine portfolio. \n   \n Operating profit increased significantly, up 22.4% to £ 25.7 million, in part due to supplier compensation payment related to the technical issue with new printers.  At constant currency 3 , operating profit was up 25.7%.  \n   \n As at 30 April 2025 , 27,425 machines were in operation, up 3.2%, which represented 56.4% of the Group's total vending estate. The region contributed 66.3% to Group revenue and 74.4% to Group EBITDA. \n   \n UK & Republic of Ireland \n   \n Revenue grew by 1.6% to £ 26.1 million, driven by growth from laundry operations . However, the vending revenue performance was impacted by currency movements related to operations in the Republic of Ireland. At constant currency 3 , revenue increased 2.3%. \n   \n Wash.ME laundry operations performed strongly, with vending revenue growth of 16.4% (up 17.1% at constant currency 3 ). Expansion of laundry operations is a key growth driver and continued at pace, with a further 171 Revolution machines installed in H1 2025. Major contracts are contributing to the growth, with the Group now operating Wash.ME units at 159 Morrisons sites and 65 Motor Fuel Group (\"MFG\") sites. In total, the Group operates 1,821 laundry machines in the region, up 24.6% (H1 2024 :: 1,462). \n   \n Photo.ME vending revenue was 16.5% lower. This is partly due to the previously mentioned end of a contract, which led to lower revenue compared with H1 2024 and a lower number of machines in operation.  However, due to the terms of this contract, the impact on profit is limited. \n   \n Operating profit increased by 8.3% to £ 7.8 million, which reflected the growth of the Group's high-margin laundry operations, and a focus on cost efficiencies. \n   \n As at 30 April 2025 , there were 6,201 units in operation in the region, 2.5% lower than in H1 2024 due to the end of a contract last year. This represented 12.8% of the Group's total vending estate. The region contributed 17.0% to Group revenue and 21.3% to Group EBITDA. \n   \n Asia Pacific \n   \n The Group primarily operates photobooths in the region, with most located in Japan. In addition, it operates Other Vending such as amusement kiosks and fresh fruit juice vending machines. \n   \n Revenue declined 2.7% to £ 25.7 million, due to adverse foreign currency movement. At constant currency 3 , revenue marginally increased by 0.4%. \n   \n Photo.ME vending revenue was 1.3% lower, although it was up 1.3% at constant currency 3 . The demand remained stable. \n   \n Vending revenue from Other Vending was flat compared with H1 2024 . The Group has continued to expand its freshly squeezed orange juice vending operations in the region with 487 machines in operation (H1 2024: 475), operating across Japan (396 machines) and Australia (91 machines). \n   \n Operating profit improved to £ 3.9 million, an increase of 18.2% (up 21.2% at constant currency 3 ). \n   \n As at 30 April 2025 , there were 14,964  machines in operation, a reduction of 0.4% ,  which represented   30.8% of the Group's total units in operation. The region contributed 16.7% to Group revenue and 11.9% to Group EBITDA. \n   \n   \n Serge Crasnianski \n Chief Executive Officer & Deputy Chairman \n PRINCIPAL RISKS \n   \n As with any business, the Group faces risks and uncertainties that could impact the achievement of the Group's strategy. \n   \n These risks are accepted as inherent to the Group's business. The Board recognises that the nature and scope of these risks can change; it therefore regularly reviews the risks faced by the Group as well as the systems and processes to mitigate them. \n   \n The table below sets out what the Board believes to be the principal risks and uncertainties, their impact, and actions taken to mitigate them. \n   \n Economic \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Global economic conditions \n \n \n Economic growth has a major influence on consumer spending. \n A sustained period of economic recession and a period of high inflation could lead to a decrease in consumer expenditure in discretionary areas. \n \n \n The Group focuses on maintaining the characteristics and affordability of its needs-driven products. \n Like most businesses around the world, the Group has had to face a significant increase in supply chain and raw material costs, however, its strong position in the markets in which it operates gives the Group significant pricing power. \n The Group has no exposure to the invasion of Ukraine by Russia and other conflict areas. \n \n \n \n \n Volatility of foreign exchange rates \n \n \n The majority of the Group's revenue and profit is generated outside the UK, and the Group's financial results could be adversely impacted by an increase in the value of sterling relative to those currencies. \n \n \n The Group hedges its exposure to currency fluctuations on transactions, as relevant. However, by its nature, in the Board's opinion, it is very difficult to hedge against currency fluctuations arising from translation in consolidation in a cost-effective manner. \n \n \n \n \n Regulatory \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Centralisation of the production of ID photos \n \n \n In many European countries where the Group operates, if governments were to implement centralised image capture, for biometric passport and other applications, or widen the acceptance of self-made or home-made photographs for official document applications, the Group's revenues and profits could be affected. \n \n \n The Group has developed new systems that respond to this situation, leveraging 3D technology in ID security standards, and securely linking our booths to the administration repositories. Solutions are in place in France, Ireland, Germany, Switzerland and the UK. \n Furthermore, the Group also ensures that its ID products remain affordable and of a high-quality. \n \n \n \n \n   \n \n \n Strategic \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Identification of new business opportunities \n \n \n The failure to identify new business areas. This may impact the ability of the Group to grow in the long-term. \n \n \n Management teams constantly review demand in existing markets and potential new opportunities. The Group continues to invest in research in new products and technologies. \n   \n \n \n \n \n Inability to deliver anticipated benefits from the launch of new products \n \n \n The realisation of long-term anticipated benefits depends mainly on the continued growth of the laundry business and the successful development of integrated secure ID solutions. Failure in this regard could lead to a lack of competitiveness. \n \n \n The Group regularly monitors the performance of its entire estate of machines. New technology-enabled secure ID solutions are subjected to intensive trials before launch and the performance of operating machines is continually monitored. \n \n \n \n \n Market \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Commercial relationships \n \n \n The Group has well-established, long-term relationships with a number of site- owners. The deterioration in the relationship with, or ultimately the loss of, a key account would have an adverse, albeit contained, impact on the Group's results, bearing in mind that the Group's turnover is spread over a large client base and none of the accounts represent more than 2% of Group turnover. \n To maintain its performance, the Group needs to have the ability to continue trading in good conditions in France and the UK. \n \n \n The Group's major key relationships are supported by medium-term contracts. The Group actively manages its site-owner relationships at all levels to ensure a high-quality service. \n The Group continues to monitor the situation in both the French and the UK markets. \n \n \n \n \n   \n \n \n Operational \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Reliance on foreign manufacturers \n \n \n The Group sources most of its products from outside the UK. Consequently, the Group is subject to risks associated with international trade. This could impact competitiveness and profitability. \n \n \n Conducting research into quality and ethics before the Group procures products from any new country or supplier. The Group maintains very close relationships with both its suppliers and shippers to ensure that risks of disruption to production and supply are managed appropriately. \n \n \n \n \n Reputation \n \n \n The Group's brands are key assets of the business. Failure to protect the Group's reputation and brands could lead to a loss of trust and confidence. This could result in a decline in our customer base. \n \n \n The protection of the Group's brands in its core markets is sustained with certain unique features. The appearance of the machine is subject to high maintenance standards. \n Furthermore, the reputational risk is diluted as the Group also operates under a range of brands. \n \n \n \n \n Product and service quality \n \n \n The Board recognises that the quality and safety of both its products and services are of critical importance and that any major failure could affect consumer confidence and the Group's competitiveness. \n \n \n The Group continues to invest in its existing estate, to ensure that it remains contemporary, and in constant product innovation to meet customer needs. \n The Group also has a programme in place to regularly train its technicians. \n \n \n \n \n Technological \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Failure to keep up with advances in technology \n \n \n The Group operates in fields where upgrades to new technologies are critical. Failure to exceed or keep in step could result in a lack of ability to compete. \n \n \n The Group mitigates this risk by continually focusing on R&D. \n \n \n \n \n Cyber risk: Third party attack on secure ID data transfer feeds \n \n \n The Group operates an increasing number of photobooths capturing ID data and transferring these data directly to government databases. The rising threat of cybercrime could lead to business disruption as well as to data breaches. \n \n \n The Group undertakes an ongoing assessment of the risks and ensures that the infrastructure meets the security requirements. \n \n \n \n \n Environmental \n \n \n \n \n Nature of risk \n \n \n Description and impact \n \n \n Mitigation \n \n \n \n \n Increased potential legislation and the rising cost of waste disposal. Energy consumption, water scarcity, and rising car fuel prices (for employees, suppliers, transportation and final consumers) and raising awareness of the climate crisis amongst consumers \n \n \n The rising costs associated with compliance with such increased demands could impact on overall profitability. \n \n \n The Group focuses on reducing the amount of waste produced; and the recovery, refurbishment and resale of electrical equipment, such as children's rides, which promote the principle embodied in recent legislation of reuse before recycling. \n \n \n \n \n    \n \n GROUP STATEMENT OF COMPREHENSIVE INCOME \n \n For the six months ended 30 April 2025 \n \n \n \n \n \n \n \n \n \n \n Unaudited \n \n \n \n \n \n Unaudited \n \n \n \n \n \n Audited \n \n \n \n \n \n \n \n \n \n \n six months to \n \n \n \n \n \n six months to \n \n \n \n \n \n 12 months to \n \n \n \n \n \n \n \n \n \n \n 30 April \n \n \n \n \n \n 30 April \n \n \n \n \n \n 31 October \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n  Notes  \n \n \n  £ '000 \n \n \n \n \n \n  £ '000 \n \n \n \n \n \n  £ '000 \n \n \n \n \n  Revenue  \n \n \n 3   \n \n \n 153,789   \n \n \n \n \n \n 150,355   \n \n \n \n \n \n 307,886   \n \n \n \n \n  Cost of sales  \n \n \n \n \n \n (101,741)  \n \n \n \n \n \n (103,849)  \n \n \n \n \n \n (198,394)  \n \n \n \n \n  Gross profit  \n \n \n \n \n \n 52,048   \n \n \n \n \n \n 46,506   \n \n \n \n \n \n 109,492   \n \n \n \n \n  Other operating income  \n \n \n \n \n \n 61   \n \n \n \n \n \n 73   \n \n \n \n \n \n 209   \n \n \n \n \n  Administrative expenses  \n \n \n \n \n \n (18,992)  \n \n \n \n \n \n (16,188)  \n \n \n \n \n \n (35,617)  \n \n \n \n \n  (Impairment of trade receivables) / reversal of impairment  \n \n \n \n \n \n (21)  \n \n \n \n \n \n (116)  \n \n \n \n \n \n 303   \n \n \n \n \n  Share of post-tax profits from associates  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n 3   \n \n \n \n \n  Operating profit  \n \n \n 3   \n \n \n 33,096   \n \n \n \n \n \n 30,275   \n \n \n \n \n \n 74,390   \n \n \n \n \n  Non-operating income - net  \n \n \n 4   \n \n \n 1,963   \n \n \n \n \n \n 133   \n \n \n \n \n \n 982   \n \n \n \n \n  Finance income  \n \n \n \n \n \n 35   \n \n \n \n \n \n 763   \n \n \n \n \n \n 670   \n \n \n \n \n  Finance cost  \n \n \n \n \n \n (1,081)  \n \n \n \n \n \n (1,207)  \n \n \n \n \n \n (2,621)  \n \n \n \n \n  Profit before tax  \n \n \n \n \n \n 34,013   \n \n \n \n \n \n 29,964   \n \n \n \n \n \n 73,421   \n \n \n \n \n  Total tax charge  \n \n \n 5   \n \n \n (8,422)  \n \n \n \n \n \n (7,339)  \n \n \n \n \n \n (19,331)  \n \n \n \n \n  Profit for the period  \n \n \n \n \n \n 25,591   \n \n \n \n \n \n 22,625   \n \n \n \n \n \n 54,090   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Other comprehensive income  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Items that are or may subsequently be classified to profit and loss:  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Exchange differences arising on translation of foreign operations  \n \n \n \n \n \n 2,451   \n \n \n \n \n \n (3,192)  \n \n \n \n \n \n (4,839)  \n \n \n \n \n  Exchange differences reclassified to income statement on disposal of subsidiaries   \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n 76   \n \n \n \n \n  Total items that are or may subsequently be classified to profit and loss  \n \n \n \n \n \n 2,451   \n \n \n \n \n \n (3,192)  \n \n \n \n \n \n (4,763)  \n \n \n \n \n  Items that will not be classified to profit and loss:  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Remeasurement losses in defined benefit obligations and other post-employment benefit obligations  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n (520)  \n \n \n \n \n  Deferred tax on remeasurement  gains  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n 118   \n \n \n \n \n  Total Items that will not be classified to profit and loss  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n (402)  \n \n \n \n \n  Other comprehensive income / (expense) for the year net of tax  \n \n \n \n \n \n 2,451   \n \n \n \n \n \n (3,192)  \n \n \n \n \n \n (5,165)  \n \n \n \n \n  Total comprehensive income for the period  \n \n \n \n \n \n 28,042   \n \n \n \n \n \n 19,433   \n \n \n \n \n \n 48,925   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Profit for the period attributable to:  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Owners of the parent  \n \n \n \n \n \n 25,591   \n \n \n \n \n \n 22,625   \n \n \n \n \n \n 54,090   \n \n \n \n \n  Non-controlling interests  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n \n \n \n \n \n 25,591   \n \n \n \n \n \n 22,625   \n \n \n \n \n \n 54,090   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Total comprehensive income attributable to:  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Owners of the parent  \n \n \n \n \n \n 28,042   \n \n \n \n \n \n 19,433   \n \n \n \n \n \n 48,925   \n \n \n \n \n  Non-controlling interests  \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n -    \n \n \n \n \n \n \n \n \n \n \n 28,042   \n \n \n \n \n \n 19,433   \n \n \n \n \n \n 48,925   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Earnings per share  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Basic earnings per share  \n \n \n 7   \n \n \n  6.79p \n \n \n \n \n \n  6.01p \n \n \n \n \n \n  14.36p  \n \n \n \n \n  Diluted earnings per share  \n \n \n 7   \n \n \n  6.74p \n \n \n \n \n \n  5.97p \n \n \n \n \n \n  14.27p  \n \n \n \n \n All results derive from continuing operations. \n The accompanying notes form an integral part of these condensed consolidated financial statements. \n \n \n   \n GROUP STATEMENT OF FINANCIAL POSITION \n As at 30 April 2025 \n \n \n \n \n \n \n \n \n \n \n Unaudited \n \n \n Unaudited \n \n \n Audited \n \n \n \n \n \n \n \n \n \n \n 30 April \n \n \n 30 April \n \n \n 31 October \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n (restated) \n \n \n \n \n \n \n \n \n \n \n  Notes  \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n  Assets  \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n  Goodwill  \n \n \n 9   \n \n \n 13,442   \n \n \n 12,224   \n \n \n 11,006   \n \n \n \n \n  Other intangible assets  \n \n \n 9   \n \n \n 13,697   \n \n \n 16,206   \n \n \n 14,362   \n \n \n \n \n  Property, plant & equipment  \n \n \n 9   \n \n \n 146,855   \n \n \n 122,300   \n \n \n 136,332   \n \n \n \n \n  Investment in associates  \n \n \n \n \n \n 38   \n \n \n 34   \n \n \n 37   \n \n \n \n \n  Financial instruments held at FVTPL  \n \n \n 10   \n \n \n 1,861   \n \n \n 2,146   \n \n \n 1,619   \n \n \n \n \n  Other receivables  \n \n \n \n \n \n 2,856   \n \n \n 3,104   \n \n \n 2,814   \n \n \n \n \n  Non-current assets  \n \n \n \n \n \n 178,749   \n \n \n 156,014   \n \n \n 166,170   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Inventories  \n \n \n 11   \n \n \n 38,352   \n \n \n 37,430   \n \n \n 38,065   \n \n \n \n \n  Trade and other receivables  \n \n \n \n \n \n 20,498   \n \n \n 11,830   \n \n \n 19,292   \n \n \n \n \n  Current tax  \n \n \n \n \n \n 10,119   \n \n \n 10,988   \n \n \n 97   \n \n \n \n \n  Financial instruments held at FVTPL  \n \n \n 10   \n \n \n -    \n \n \n 3,728   \n \n \n -    \n \n \n \n \n  Cash and cash equivalents  \n \n \n 12   \n \n \n 74,927   \n \n \n 82,656   \n \n \n 86,147   \n \n \n \n \n  Current assets  \n \n \n \n \n \n 143,896   \n \n \n 146,632   \n \n \n 143,601   \n \n \n \n \n   Assets of the disposal group and non-current assets classified as held for sale   \n \n \n 13   \n \n \n -    \n \n \n 12,511   \n \n \n 2,869   \n \n \n \n \n  Total assets  \n \n \n \n \n \n 322,645   \n \n \n 315,157   \n \n \n 312,640   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Equity  \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Share capital  \n \n \n \n \n \n 1,882   \n \n \n 1,893   \n \n \n 1,882   \n \n \n \n \n  Share premium  \n \n \n \n \n \n 11,571   \n \n \n 11,311   \n \n \n 11,510   \n \n \n \n \n  Treasury shares  \n \n \n \n \n \n -    \n \n \n (3,394)  \n \n \n -    \n \n \n \n \n  Capital redemption reserve   \n \n \n \n \n \n 12   \n \n \n -    \n \n \n 12   \n \n \n \n \n  Translation and other reserves  \n \n \n \n \n \n 10,683   \n \n \n 9,069   \n \n \n 7,990   \n \n \n \n \n  Retained earnings  \n \n \n \n \n \n 171,069   \n \n \n 148,629   \n \n \n 158,477   \n \n \n \n \n  Total Shareholders' funds  \n \n \n \n \n \n 195,217   \n \n \n 167,508   \n \n \n 179,871   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Liabilities  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Financial liabilities  \n \n \n \n \n \n 25,284   \n \n \n 44,919   \n \n \n 35,957   \n \n \n \n \n  Post-employment benefit obligations  \n \n \n \n \n \n 4,437   \n \n \n 3,848   \n \n \n 4,402   \n \n \n \n \n  Deferred tax liabilities  \n \n \n \n \n \n 7,115   \n \n \n 5,507   \n \n \n 7,202   \n \n \n \n \n  Non-current liabilities  \n \n \n \n \n \n 36,836   \n \n \n 54,274   \n \n \n 47,561   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Financial liabilities  \n \n \n \n \n \n 23,165   \n \n \n 26,648   \n \n \n 23,806   \n \n \n \n \n  Provisions  \n \n \n \n \n \n 1,995   \n \n \n 1,196   \n \n \n 1,306   \n \n \n \n \n  Current tax  \n \n \n \n \n \n 10,842   \n \n \n 9,478   \n \n \n 3,253   \n \n \n \n \n  Trade and other payables  \n \n \n \n \n \n 54,590   \n \n \n 52,893   \n \n \n 56,843   \n \n \n \n \n  Current liabilities  \n \n \n \n \n \n 90,592   \n \n \n 90,215   \n \n \n 85,208   \n \n \n \n \n  Liabilities of the disposal group classified as held for sale  \n \n \n 13   \n \n \n -    \n \n \n 3,160   \n \n \n -    \n \n \n \n \n  Total equity and liabilities  \n \n \n \n \n \n 322,645   \n \n \n 315,157   \n \n \n 312,640   \n \n \n \n \n   \n The comparative figures at 30 April 2024 have been restated to reflect the outcome of the purchase price allocation for the Fujifilm acquisition, which completed in September 2023. The balance of other intangible assets has increased by £4,181,000 and the balance of goodwill decreased by £2,999,000.  The acquisition generated a gain on bargain purchase of £1,182,000 and retained earnings have been increased by this amount. \n   \n The accompanying notes form an integral part of these condensed consolidated financial statements. \n   \n \n \n GROUP CONDENSED STATEMENT OF CASH FLOWS \n for the six months ended 30 April 2025 \n \n \n \n \n \n \n \n   \n \n \n Unaudited \nSix months to \n30 April \n2025 \n \n \n Unaudited \nSix months to \n30 April \n2024 \n \n \n Audited \n12 months to \n31 October \n2024 \n \n \n \n \n \n \n \n  Notes  \n \n \n  £'000  \n \n \n  £'000  \n \n \n  £'000  \n \n \n \n \n  Cash flow from operating activities  \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Profit before tax  \n \n \n   \n \n \n 34,013   \n \n \n 29,964   \n \n \n 73,421   \n \n \n \n \n  Finance costs  \n \n \n \n \n \n 446   \n \n \n 545   \n \n \n 1,046   \n \n \n \n \n  Interest of lease liabilities  \n \n \n \n \n \n 635   \n \n \n 662   \n \n \n 1,575   \n \n \n \n \n  Finance income  \n \n \n \n \n \n (35)  \n \n \n (763)  \n \n \n (670)  \n \n \n \n \n  Non-operating income - net  \n \n \n \n \n \n (1,963)  \n \n \n (133)  \n \n \n (982)  \n \n \n \n \n  Operating profit  \n \n \n   \n \n \n 33,096   \n \n \n 30,275   \n \n \n 74,390   \n \n \n \n \n  Amortisation and impairment of intangible assets  \n \n \n \n \n \n 2,201   \n \n \n 3,121   \n \n \n 7,425   \n \n \n \n \n  Depreciation and impairment of property, plant and equipment  \n \n \n \n \n \n 17,889   \n \n \n 17,757   \n \n \n 32,409   \n \n \n \n \n  Loss on sale of property, plant and equipment and intangible assets   \n \n \n \n \n \n 263   \n \n \n 47   \n \n \n 263   \n \n \n \n \n  Exchange differences  \n \n \n \n \n \n (1,833)  \n \n \n 1,347   \n \n \n 1,081   \n \n \n \n \n  Non-cash movements in provisions and post-employment benefit obligations   \n \n \n \n \n \n (148)  \n \n \n (903)  \n \n \n 541   \n \n \n \n \n  Share based compensation charge   \n \n \n \n \n \n 242   \n \n \n 303   \n \n \n 795   \n \n \n \n \n  Other non cash items  \n \n \n \n \n \n (335)  \n \n \n (337)  \n \n \n 268   \n \n \n \n \n  Changes in working capital:  \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Inventories  \n \n \n \n \n \n (287)  \n \n \n (4,929)  \n \n \n (5,564)  \n \n \n \n \n  Trade and other receivables  \n \n \n \n \n \n (1,248)  \n \n \n 80   \n \n \n (3,099)  \n \n \n \n \n  Trade and other payables  \n \n \n \n \n \n (2,253)  \n \n \n (5,027)  \n \n \n (1,078)  \n \n \n \n \n  Cash generated from operations  \n \n \n   \n \n \n 47,587   \n \n \n 41,734   \n \n \n 107,431   \n \n \n \n \n   Payments made in respect of provisions and post-employment benefit obligations   \n \n \n   \n \n \n (458)  \n \n \n -    \n \n \n (796)  \n \n \n \n \n   Interest paid   \n \n \n \n \n \n (1,081)  \n \n \n (1,207)  \n \n \n (2,621)  \n \n \n \n \n   Interest received   \n \n \n \n \n \n 60   \n \n \n 763   \n \n \n 670   \n \n \n \n \n   Taxation paid   \n \n \n \n \n \n (10,942)  \n \n \n (11,892)  \n \n \n (17,518)  \n \n \n \n \n  Net cash generated from operating activities  \n \n \n   \n \n \n 35,166   \n \n \n 29,398   \n \n \n 87,166   \n \n \n \n \n  Cash flows from investing activities  \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Acquisition of subsidiaries, net of cash acquired  \n \n \n \n \n \n (525)  \n \n \n -    \n \n \n -    \n \n \n \n \n  Deferred consideration for acquisition of subsidiaries  \n \n \n \n \n \n -    \n \n \n (100)  \n \n \n -    \n \n \n \n \n  Proceeds from disposal of subsidiaries  \n \n \n \n \n \n -    \n \n \n -    \n \n \n 3,673   \n \n \n \n \n  Cash held by disposal group classified as held for sale  \n \n \n \n \n \n -    \n \n \n (262)  \n \n \n -    \n \n \n \n \n  Purchase of intangible assets   \n \n \n \n \n \n (1,247)  \n \n \n (967)  \n \n \n (2,511)  \n \n \n \n \n  Purchase of property, plant and equipment (including additions to non-current assets held for sale)  \n \n \n \n \n \n (27,603)  \n \n \n (25,607)  \n \n \n (52,103)  \n \n \n \n \n  Proceeds from sale of non-current assets classified as held for sale   \n \n \n \n \n \n 4,447   \n \n \n -    \n \n \n 1,852   \n \n \n \n \n  Proceeds from sale of property, plant and equipment and other intangibles  \n \n \n \n \n \n 648   \n \n \n 967   \n \n \n 1,523   \n \n \n \n \n  Net cash utilised in investing activities  \n \n \n   \n \n \n (24,280)  \n \n \n (25,969)  \n \n \n (47,566)  \n \n \n \n \n  Cash flows from financing activities  \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Issue of ordinary shares to equity shareholders  \n \n \n \n \n \n 61   \n \n \n 230   \n \n \n 430   \n \n \n \n \n  Purchase of treasury shares  \n \n \n \n \n \n -    \n \n \n (1,425)  \n \n \n (1,425)  \n \n \n \n \n  Repayment of principal of leases  \n \n \n \n \n \n (2,105)  \n \n \n (2,741)  \n \n \n (5,932)  \n \n \n \n \n  Repayment of borrowings   \n \n \n \n \n \n (11,041)  \n \n \n (14,850)  \n \n \n (27,049)  \n \n \n \n \n  New borrowings drawn   \n \n \n \n \n \n 513   \n \n \n 638   \n \n \n 1,152   \n \n \n \n \n  Dividends paid to owners of the Parent  \n \n \n \n \n \n (12,999)  \n \n \n (11,203)  \n \n \n (27,842)  \n \n \n \n \n  Net cash utilised in financing activities  \n \n \n   \n \n \n (25,571)  \n \n \n (29,351)  \n \n \n (60,666)  \n \n \n \n \n  Net decrease in cash and cash equivalents  \n \n \n \n \n \n (14,685)  \n \n \n (25,922)  \n \n \n (21,067)  \n \n \n \n \n  Cash and cash equivalents at beginning of year  \n \n \n \n \n \n 86,147   \n \n \n 111,091   \n \n \n 111,091   \n \n \n \n \n  Exchange gain / (loss) on cash and cash equivalents  \n \n \n \n \n \n 3,465   \n \n \n (2,513)  \n \n \n (3,877)  \n \n \n \n \n  Cash and cash equivalents at end of year  \n \n \n 12   \n \n \n 74,927   \n \n \n 82,656   \n \n \n 86,147   \n \n \n \n \n   \n The accompanying notes form an integral part of these condensed consolidated financial statements. \n \n \n   \n GROUP CONDENSED STATEMENT OF CHANGES IN EQUITY \n for the six months ended 30 April 2025 \n   \n \n \n \n \n \n \n \n  Share \ncapital \n£'000  \n \n \n  Share \npremium \n£'000  \n \n \n  Treasury  \n shares \n£'000  \n \n \n  Capital  \n Redemption \n  reserve \n£'000  \n \n \n  Other \nreserves \n£'000  \n \n \n  Translation \nreserve \n£'000  \n \n \n  Retained \nearnings \n£'000  \n \n \n  Total  \n£'000  \n \n \n \n \n  At 1 November 2023 (restated)  \n \n \n 1,891   \n \n \n 11,083   \n \n \n (1,969)  \n \n \n -    \n \n \n 3,010   \n \n \n 8,948   \n \n \n 137,207   \n \n \n 160,170   \n \n \n \n \n  Profit for the period  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 22,625   \n \n \n 22,625   \n \n \n \n \n  Other comprehensive expense:  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Exchange differences  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (3,192)  \n \n \n -    \n \n \n (3,192)  \n \n \n \n \n  Total other comprehensive expense  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (3,192)  \n \n \n -    \n \n \n (3,192)  \n \n \n \n \n  Total comprehensive income  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (3,192)  \n \n \n 22,625   \n \n \n 19,433   \n \n \n \n \n  Transactions with owners of the Parent:  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Shares issued in the period  \n \n \n 2   \n \n \n 228   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 230   \n \n \n \n \n  Purchase of treasury shares  \n \n \n -    \n \n \n -    \n \n \n (1,425)  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (1,425)  \n \n \n \n \n  Share options (note 8)  \n \n \n -    \n \n \n \n \n \n -    \n \n \n -    \n \n \n 303   \n \n \n -    \n \n \n -    \n \n \n 303   \n \n \n \n \n  Dividends (note 6)  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (11,203)  \n \n \n (11,203)  \n \n \n \n \n  Total transactions with owners of the Parent  \n \n \n 2   \n \n \n 228   \n \n \n (1,425)  \n \n \n -    \n \n \n 303   \n \n \n -    \n \n \n (11,203)  \n \n \n (12,095)  \n \n \n \n \n  At 30 April 2024 (restated)  \n \n \n 1,893   \n \n \n 11,311   \n \n \n (3,394)  \n \n \n \n \n \n 3,313   \n \n \n 5,756   \n \n \n 148,629   \n \n \n 167,508   \n \n \n \n \n  Profit for the period (restated)  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 30,283   \n \n \n 30,283   \n \n \n \n \n  Other comprehensive expense:  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Exchange differences  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (1,647)  \n \n \n -    \n \n \n (1,647)  \n \n \n \n \n  Translation reserve taken to  \n income statement on disposal  \n of subsidiaries  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 76   \n \n \n -    \n \n \n 76   \n \n \n \n \n  Remeasurement losses in defined benefit  \n pension scheme and other post-employment \n  benefit obligations  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (520)  \n \n \n (520)  \n \n \n \n \n  Deferred tax on remeasurement losses  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 118   \n \n \n 118   \n \n \n \n \n  Total other comprehensive expense  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (1,571)  \n \n \n (402)  \n \n \n (1,973)  \n \n \n \n \n  Total comprehensive income  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n \n \n \n -    \n \n \n (1,571)  \n \n \n 29,881   \n \n \n 28,310   \n \n \n \n \n  Transactions with owners of the Parent:  \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n  Shares issued in the period  \n \n \n 1   \n \n \n 199   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 200   \n \n \n \n \n  Purchase of treasury shares  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n \n \n  Cancellation of treasury shares  \n \n \n (12)  \n \n \n -    \n \n \n 3,394   \n \n \n 12   \n \n \n -    \n \n \n -    \n \n \n (3,394)  \n \n \n -    \n \n \n \n \n  Share options  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 492   \n \n \n -    \n \n \n -    \n \n \n 492   \n \n \n \n \n  Dividends  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (16,639)  \n \n \n (16,639)  \n \n \n \n \n  Total transactions with owners of the Parent  \n \n \n (11)  \n \n \n 199   \n \n \n 3,394   \n \n \n 12   \n \n \n 492   \n \n \n -    \n \n \n (20,033)  \n \n \n (15,947)  \n \n \n \n \n  At 31 October 2024  \n \n \n 1,882   \n \n \n 11,510   \n \n \n -    \n \n \n 12   \n \n \n 3,805   \n \n \n 4,185   \n \n \n 158,477   \n \n \n 179,871   \n \n \n \n \n  At 1 November 2024  \n \n \n 1,882   \n \n \n 11,510   \n \n \n -    \n \n \n 12   \n \n \n 3,805   \n \n \n 4,185   \n \n \n 158,477   \n \n \n 179,871   \n \n \n \n \n  Profit for the period  \n \n \n -    \n \n \n   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 25,591   \n \n \n 25,591   \n \n \n \n \n  Other comprehensive income:  \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n  Exchange differences  \n \n \n -    \n \n \n   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 2,451   \n \n \n -    \n \n \n 2,451   \n \n \n \n \n  Total other comprehensive income  \n \n \n -    \n \n \n   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 2,451   \n \n \n -    \n \n \n 2,451   \n \n \n \n \n  Total comprehensive income  \n \n \n -    \n \n \n   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 2,451   \n \n \n 25,591   \n \n \n 28,042   \n \n \n \n \n  Transactions with owners of the Parent:  \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n  Shares issued in the period  \n \n \n -    \n \n \n 61   \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n 61   \n \n \n \n \n  Share options (note 8)  \n \n \n -    \n \n \n -    \n \n \n   \n \n \n -    \n \n \n 242   \n \n \n -    \n \n \n -    \n \n \n 242   \n \n \n \n \n  Dividends (note 6)  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (12,999)  \n \n \n (12,999)  \n \n \n \n \n  Total transactions with owners  \n of the Parent  \n \n \n -    \n \n \n 61   \n \n \n -    \n \n \n -    \n \n \n 242   \n \n \n -    \n \n \n (12,999)  \n \n \n (12,696)  \n \n \n \n \n  At 30 April 2025  \n \n \n 1,882   \n \n \n 11,571   \n \n \n -    \n \n \n 12   \n \n \n 4,047   \n \n \n 6,636   \n \n \n 171,069   \n \n \n 195,217   \n \n \n \n \n   \n Retained earnings balances at 1 November 2023 and 30 April 2024 have been restated to increase them by £1,182,000. This is to reflect the impact on equity of the completion of the purchase price allocation for the Fujifilm acquisition. \n The accompanying notes form an integral part of these condensed consolidated financial statements. \n   \n   NOTES \n   \n 1. General information and authorization of the Interim Report \n   \n ME Group International plc (the \"Company\") is a public limited company incorporated and registered in England and Wales and whose shares are quoted on the London Stock Exchange, under the symbol MEGP. The registered number of the Company is 735438 and its registered office is at Unit 3B, Blenheim Rd, Epsom, KT19 9AP. \n   \n The principal activities of the Group continue to be the operation, sale, and servicing of a wide range of instant-service equipment. The Group operates automatic photobooths for identification and fun purposes, and a diverse range of vending equipment, including digital photo kiosks, laundry machines, and business service equipment, and amusement machines. \n   \n The condensed consolidated interim financial statements of Me Group International plc (the \"Company\") for the six months ended 30 April 2025 (\"the Interim Report\") were approved and authorised for issue by the Board of Directors on 22 July 2025. These condensed consolidated interim financial statements comprise the Company and its subsidiaries (together the \"Group\") and are presented in pounds sterling, rounded to the nearest thousand. \n   \n 2. Basis of preparation and accounting policies \n   \n The financial statements have been prepared in accordance with IAS 34. The accounting policies applied are consistent with those that were applied in the Company's consolidated financial statements for the 12 months ended 31 October 2024 and that are expected to be applied in its consolidated financial statements for the year ended 31 October 2025. \n   \n The condensed consolidated interim financial statements comprise the unaudited financial information for the six months ended 30 April 2025 . They do not include all of the information and disclosures required for full annual financial statements and should be read in conjunction with the Group's financial statements for the period ended 31 October 2024 . The condensed financial statements do not constitute statutory accounts within the meaning of section 434 of the UK Companies Act 2006. \n   \n The consolidated financial statements of the Group as at and for the period ended 31 October 2024 are available at www.me-group.com or upon request from the Company's registered office at Unit 3B, Blenheim Rd, Epsom, KT19 9AP, Surrey. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditor (i) was unmodified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without modifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. \n   \n The Interim Report is unaudited but has been reviewed by the auditor and their report to the Company is included in the Interim Report. \n   \n Accounting policies and estimates \n   \n The accounting policies applied by the Group in this Interim Report are the same as those applied in the Group's financial statements for the 12-month period ended 31 October 2024 . \n   \n Estimates and significant judgements \n   \n The preparation of the condensed consolidated financial information requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial information. Such estimates and assumptions are based on historical experience and various other factors that are believed to be reasonable in the circumstances and constitute management's best judgement at the date of the financial statements. In future, actual experience may deviate from these estimates and assumptions, which could affect the financial statements as the original estimates and assumptions are modified, as appropriate, in the period in which the circumstances change. \n   \n In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were in the same areas as those that applied in the consolidated financial statements as at and for the period ended 31 October 2024 . \n   \n Use of non-GAAP profit measures \n   \n The Group measures performance using earnings before interest, tax, depreciation and amortisation (\"EBITDA\"). EBITDA is a commonly used measure but is not defined in IFRS. \n   \n The Group measures cash on a net cash basis as explained in note 12. \n   \n Going Concern \n   \n The Annual Report for the period ended 31 October 2024 provided a full description of the Group's business activities, its financial position, cash flows, funding position and available facilities, together with the factors likely to affect its future development, performance and position. It also detailed risks associated with the Group's business. This interim report provides updated information on these subjects for the six months to 30 April 2025 . \n   \n The Group has, at the date of this Interim Report, sufficient financing available for its estimated requirements for at least the next twelve months, together with the proven ability to generate cash from its trading performance. This provides the Directors with confidence that the Group is well placed to manage its business risks successfully in the context of the current financial conditions and the general outlook in the global economy. \n   \n After reviewing the Group's annual budgets, plans and financing arrangements, the Directors consider that the Group has adequate resources to continue operating for the foreseeable future. The Directors consider it appropriate to adopt the going concern basis of accounting in preparing the interim financial statements and have not identified any material uncertainties to the company's ability to continue to do so over a period of at least twelve months from their date of approval. \n   \n New accounting standards \n Adopted by the Group \n The Group has adopted the following new standards and amendments for the first time in these financial statements with no material impact. \n ·              Lease liability in a sale and leaseback - Amendments to IFRS 16 \n ·              Classification of liabilities as current or non-current and non-current liabilities with covenants - Amendments to IAS 1 \n ·              Disclosure of supplier finance arrangements - Amendments to IAS 7 and IFRS 7 \n Not yet adopted by the Group \n Certain new accounting standards and interpretations have been published and adopted by the UK but are not mandatory for the current period and have not been early adopted by the Group. These new standards and interpretations, which are not expected to have a material effect on the Group, are set out below. \n \n \n \n \n Description \n \n \n Date required to be \n adopted by the Group \n \n \n \n \n Lack of exchangeability - Amendments to IAS 21 \n \n \n 1 January 2025 \n \n \n \n \n Amendments to IFRS 7 and IFRS 9 - classification and measurement of financial instruments \n \n \n 1 January 2026 \n \n \n \n \n Annual improvements to IFRS Accounting Standards Volume 11 \n \n \n 1 January 2026 \n \n \n \n \n   \n   \n 3. Segmental analysis \n   \n IFRS 8 requires operating segments to be identified based on information presented to the Chief Operating Decision Maker (CODM) in order to allocate resources to the segments and monitor performance. For ME Group the Board is considered to be the CODM. The Group reports its segments on a geographical basis: Continental Europe, United Kingdom & Ireland and Asia Pacific. \n   \n Individual operating companies are aggregated into the three geographic segments. The Board believe that the similar economic characteristics of the operating companies, together with the fact that they are similar in terms of operations, use common systems and the nature of the regulatory environment allow them to be aggregated into geographic reporting segments. \n   \n The key segmental performance indicators considered by the CODM are revenue and operating profit. \n   \n Segmental results are reported before intra-group transfer pricing charges. \n   \n Seasonality of operations \n   \n Historically, the second half of the financial year is seasonally the strongest for the Group in terms of profits. \n   \n The following tables provide analysis of performance by geographic segment: \n   \n \n \n \n \n   \n \n \n Asia \n \n \n Continental  \n \n \n United Kingdom  \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Pacific \n \n \n Europe \n \n \n & Ireland \n \n \n Corporate \n \n \n Total \n \n \n \n \n Six months to 30 April 2025 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Photo.ME \n \n \n 22,328   \n \n \n 51,793   \n \n \n 8,624   \n \n \n -    \n \n \n 82,745   \n \n \n \n \n Wash.ME \n \n \n 45   \n \n \n 30,710   \n \n \n 16,274   \n \n \n -    \n \n \n 47,029   \n \n \n \n \n Print.ME \n \n \n 5   \n \n \n 5,388   \n \n \n 52   \n \n \n -    \n \n \n 5,445   \n \n \n \n \n Other Vending (including Feed.ME) \n \n \n 3,088   \n \n \n 1,140   \n \n \n 951   \n \n \n -    \n \n \n 5,179   \n \n \n \n \n Total vending revenue \n \n \n 25,467   \n \n \n 89,030   \n \n \n 25,900   \n \n \n -    \n \n \n 140,398   \n \n \n \n \n Sales of equipment, spare parts, consumables \n \n \n 167   \n \n \n 9,695   \n \n \n 110   \n \n \n -    \n \n \n 9,972   \n \n \n \n \n Sales of services \n \n \n 107 \n \n \n 3,228   \n \n \n 84 \n \n \n -    \n \n \n 3,418   \n \n \n \n \n Total revenue \n \n \n 25,741   \n \n \n 101,953   \n \n \n 26,094   \n \n \n -    \n \n \n 153,789   \n \n \n \n \n EBITDA \n \n \n 6,311   \n \n \n 39,547   \n \n \n 11,338   \n \n \n (4,012)  \n \n \n 53,184   \n \n \n \n \n Depreciation and amortisation \n \n \n (2,431)  \n \n \n (13,867)  \n \n \n (3,543)  \n \n \n (247)  \n \n \n (20,088)  \n \n \n \n \n Impairment \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n \n \n Operating profit / (loss) \n \n \n 3,880   \n \n \n 25,680   \n \n \n 7,795   \n \n \n (4,259)  \n \n \n 33,096   \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 33,096   \n \n \n \n \n Non-operating income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,963   \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 35   \n \n \n \n \n Finance costs \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n (1,081)  \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 34,013   \n \n \n \n \n Tax \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n (8,422)  \n \n \n \n \n Profit for the period \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n 25,591   \n \n \n \n \n Capital expenditure (excluding Right of Use assets) \n \n \n 1,181   \n \n \n 20,520   \n \n \n 6,708   \n \n \n 441   \n \n \n 28,850   \n \n \n \n \n   \n   \n \n \n \n \n   \n \n \n Asia \n \n \n Continental  \n \n \n United Kingdom  \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Pacific \n \n \n Europe \n \n \n & Ireland \n \n \n Corporate \n \n \n Total \n \n \n \n \n Six months to 30 April 2024 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Photo.ME \n \n \n 22,583   \n \n \n 53,022   \n \n \n 10,310   \n \n \n -    \n \n \n 85,915   \n \n \n \n \n Wash.ME \n \n \n 113   \n \n \n 27,611   \n \n \n 13,989   \n \n \n -    \n \n \n 41,712   \n \n \n \n \n Print.ME \n \n \n 26   \n \n \n 5,107   \n \n \n 59   \n \n \n -    \n \n \n 5,191   \n \n \n \n \n Other Vending (including Feed.ME) \n \n \n 3,218   \n \n \n 967   \n \n \n 765   \n \n \n -    \n \n \n 4,950   \n \n \n \n \n Total vending revenue \n \n \n 25,939   \n \n \n 86,707   \n \n \n 25,122   \n \n \n -    \n \n \n 137,769   \n \n \n \n \n Sales of equipment, spare parts, consumables \n \n \n 296   \n \n \n 10,215   \n \n \n 471   \n \n \n -    \n \n \n 10,982   \n \n \n \n \n Sales of services \n \n \n 173 \n \n \n 1,347   \n \n \n 84 \n \n \n -    \n \n \n 1,605   \n \n \n \n \n Total revenue \n \n \n 26,408   \n \n \n 98,270   \n \n \n 25,678   \n \n \n -    \n \n \n 150,355   \n \n \n \n \n EBITDA \n \n \n 5,983   \n \n \n 35,615   \n \n \n 10,514   \n \n \n (932)  \n \n \n 51,180   \n \n \n \n \n Depreciation and amortisation \n \n \n (2,720)  \n \n \n (14,615)  \n \n \n (3,345)  \n \n \n (221)  \n \n \n (20,901)  \n \n \n \n \n Impairment \n \n \n (4)  \n \n \n -    \n \n \n -    \n \n \n -    \n \n \n (4)  \n \n \n \n \n Operating profit / (loss) \n \n \n 3,259   \n \n \n 21,000   \n \n \n 7,169   \n \n \n (1,153)  \n \n \n 30,275   \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30,275   \n \n \n \n \n Non-operating income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 133   \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 763   \n \n \n \n \n Finance costs \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n (1,207)  \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 29,964   \n \n \n \n \n Tax \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n (7,339)  \n \n \n \n \n Profit for the period \n \n \n     \n \n \n     \n \n \n     \n \n \n     \n \n \n 22,625   \n \n \n \n \n Capital expenditure (excluding Right of Use assets) \n \n \n 1,289   \n \n \n 19,484   \n \n \n 5,420   \n \n \n 381   \n \n \n 26,574   \n \n \n \n \n   \n \n \n \n \n   \n \n \n Continental  \n \n \n United Kingdom  \n \n \n Asia \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Europe \n \n \n & Ireland \n \n \n Pacific \n \n \n Corporate \n \n \n Total \n \n \n \n \n 31 October 2024 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Photo.ME \n \n \n 111,646   \n \n \n 19,288   \n \n \n 42,296   \n \n \n -    \n \n \n 173,230   \n \n \n \n \n Wash.ME \n \n \n 64,084   \n \n \n 27,207   \n \n \n 166   \n \n \n -    \n \n \n 91,457   \n \n \n \n \n Print.ME \n \n \n 10,657   \n \n \n 116   \n \n \n 85   \n \n \n -    \n \n \n 10,858   \n \n \n \n \n Other Vending (including Feed.ME) \n \n \n 1,889   \n \n \n 1,587   \n \n \n 6,426   \n \n \n -    \n \n \n 9,902   \n \n \n \n \n Total vending revenue \n \n \n 188,276   \n \n \n 48,198   \n \n \n 48,973   \n \n \n -    \n \n \n 285,447   \n \n \n \n \n Sales of equipment, spare parts, consumables \n \n \n 17,406   \n \n \n 841   \n \n \n 378   \n \n \n -    \n \n \n 18,625   \n \n \n \n \n Sales of services \n \n \n 3,305   \n \n \n 150   \n \n \n 360   \n \n \n -    \n \n \n 3,815   \n \n \n \n \n Total revenue \n \n \n 208,987   \n \n \n 49,188   \n \n \n 49,711   \n \n \n -    \n \n \n 307,886   \n \n \n \n \n EBITDA \n \n \n 94,490   \n \n \n 19,205   \n \n \n 10,979   \n \n \n (10,450)  \n \n \n 114,224   \n \n \n \n \n Depreciation and amortisation \n \n \n (27,000)  \n \n \n (6,482)  \n \n \n (5,327)  \n \n \n (392)  \n \n \n (39,201)  \n \n \n \n \n Impairment \n \n \n 585   \n \n \n 312   \n \n \n (1,530)  \n \n \n -    \n \n \n (633)  \n \n \n \n \n Operating profit / (loss) \n \n \n 68,075   \n \n \n 13,035   \n \n \n 4,122   \n \n \n (10,842)  \n \n \n 74,390   \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 74,390   \n \n \n \n \n Non operating income - net \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 982   \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 670   \n \n \n \n \n Finance costs \n \n \n       \n \n \n       \n \n \n       \n \n \n       \n \n \n (2,621)  \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 73,421   \n \n \n \n \n Tax \n \n \n       \n \n \n       \n \n \n       \n \n \n       \n \n \n (19,331)  \n \n \n \n \n Profit for the period \n \n \n       \n \n \n       \n \n \n       \n \n \n       \n \n \n 54,090   \n \n \n \n \n Capital expenditure (excluding Right of Use assets) \n \n \n 38,582   \n \n \n 12,764   \n \n \n 2,487   \n \n \n 781   \n \n \n 54,614   \n \n \n \n \n   \n The Parent Company is domiciled in the UK. \n   \n There were no major customers, defined as a single customer contributing at least 10% of the Group's revenue, in the period ended 30 April 2025 ( 2024 : none). \n   \n 4. Non-operating income - net \n   \n Non-operating income - net comprises transactions relating to financial instruments held at FVTPL, other financial instruments and the disposal of subsidiaries and property. They have been disclosed separately to improve a reader's understanding of the financial statements and are not disclosed within operating profit as they are non-trading in nature. \n   \n \n \n \n \n \n \n \n Six months to \n \n \n \n \n \n Six months to \n \n \n \n \n \n 12 months to \n \n \n \n \n \n \n \n 30 April \n \n \n   \n \n \n 30 April \n \n \n \n \n \n 31 October  \n \n \n \n \n \n \n \n 2025 \n \n \n   \n \n \n 2024 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n \n \n Non-operating income \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Loss on disposal of subsidiary \n \n \n -    \n \n \n   \n \n \n -    \n \n \n   \n \n \n (339)  \n \n \n \n \n Gain on disposal of property \n \n \n 1,595   \n \n \n   \n \n \n -    \n \n \n   \n \n \n 378   \n \n \n \n \n Gain on bargain purchase \n \n \n -    \n \n \n   \n \n \n -    \n \n \n   \n \n \n 1,120   \n \n \n \n \n Fair value gain / (loss) on financial instrument held at FVTPL \n \n \n 343   \n \n \n   \n \n \n 89   \n \n \n   \n \n \n (334)  \n \n \n \n \n Other gain \n \n \n 25   \n \n \n   \n \n \n 44   \n \n \n   \n \n \n 157   \n \n \n \n \n \n \n \n 1,963   \n \n \n   \n \n \n 133   \n \n \n \n \n \n 982   \n \n \n \n \n   \n Six months to 30 April 2025 \n The Group made a gain of £1,595,000 from the disposal of an office building in Grenoble, France. Prior to disposal the office building was classified as a non-current asset held for sale (see note 13). \n   \n 5. Taxation \n   \n \n \n \n \n \n \n \n Six months to \n \n \n \n \n \n Six months to \n \n \n \n \n \n 12 months to \n \n \n \n \n \n \n \n 30 April \n \n \n   \n \n \n 30 April \n \n \n \n \n \n 31 October  \n \n \n \n \n \n \n \n 2025 \n \n \n   \n \n \n 2024 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n \n \n Profit before tax \n \n \n 34,013   \n \n \n   \n \n \n 29,964   \n \n \n   \n \n \n 73,421   \n \n \n \n \n Total taxation charge \n \n \n (8,422)  \n \n \n   \n \n \n (7,339)  \n \n \n   \n \n \n (19,331)  \n \n \n \n \n Effective tax rate \n \n \n 24.8% \n \n \n   \n \n \n 24.5% \n \n \n \n \n \n 26.3% \n \n \n \n \n   \n The tax charge in the Group Income Statement is bas...

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