ME Group plunges to bottom of London market after profit warning
BUZZ-ME Group plunges to bottom of London market after profit warning ** Shares of British instant-service equipment group ME Group International MEGPM.L fall as much as 24.2% to 111.4 pence; top loser across all London stocks
** Stock hit its lowest level since January 2023
** Co cuts fiscal 2026 profit before tax guidance to range of 69 million pounds to 74 million pounds ($93 million-$99.7 million), citing softening revenue in April, particularly in French photobooth and laundry businesses
** MEGPM attributes weakness to a shift in consumer spending patterns driven by lower confidence due to the ongoing conflict in the Middle East
** While trading improved through May, the company does not expect normalisation, while the Middle East conflict and macroeconomic uncertainty continue
** "Although trends have improved recently, we assume that the weaker underlying performance continues in the short term," Peel Hunt analysts say
** As of last close, stock down 2.7% YTD
($1 = 0.7423 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru)