ME Group points to record results, but shares fall
Shares in instant-service vending equipment firm ME Group dipped on Wednesday despite the company pointing to record financial results for the full year, including double-digit growth in profits.
The company, which operates photobooths, self-service launderettes, printing kiosks and food vending machines, said pre-tax profit for the 12 months to 31 October is expected to be at least £73m, up more than 10% on last year.
Revenues are tipped to be no less than £308m, up 3% for the year, though growth would have been 7% if currency movements were stable.
The launderette Wash.ME Revolution business was the key driver of growth for they ear, with revenues jumping 19%, as the company installed 1,111 machines across France and the UK.
However, the photobooth operations were stable, with Photo.ME revenues rising just 0.4%, as it continued to rollout its next-generation photobooths mainly in France.
"While the rate of deployment of these machines was slightly slower than expected, partly due to some technical issues, the group continued to make progress with its rollout programme," the company said.
Shares were down 5% at 214p by 0906 GMT.