REG - ME Group Intl. - 2025 Annual Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260323:nRSW6674Xa&default-theme=true
RNS Number : 6674X ME Group International PLC 23 March 2026
23 March 2026
ME GROUP INTERNATIONAL PLC
("ME Group" or the "Group" or the "Company")
Audited annual results for the 12 months ended 31 October 2025
Another year of record profitability driven by laundry growth
Launch of £18m share buyback
ME Group International plc (LSE: MEGP), the instant-service equipment group,
announces its results for the 12 months ended 31 October 2025 ("2025").
SUMMARY OF 2025
· Another record year of profitability delivering £78.2 million
profit before tax
· Laundry operations driving growth; 1,145 net increase in laundry
units (1,326 gross installations)
· Ongoing rollout of next-generation photobooths
· Strong cash generation from operations, supporting investment in
growth
· Total dividend increased by 9.5%; returning £32.6 million to
shareholders in respect of 2025
KEY FINANCIALS
2025 2024 (restated)(5)
Reported Constant Currency(4) Reported Change Change in constant currency
Revenue £315.4m £317.2m £307.9m +2.4% +3.0%
EBITDA(1) £120.4m £121.0m £114.2m +5.4% +6.0%
Profit before tax £78.2m £78.6m £73.4m +6.5% +7.1%
Gross cash £56.5m £55.3m £77.5m -27.1% -28.6%
Net cash(2) £26.5m £25.2m £29.5m -10.2% -14.6%
Cash generated from operations £115.5m n/a £106.1m +8.9% n/a
Diluted earnings per share 14.91p 14.99p 14.27p +4.5% +5.0%
Total dividends per ordinary share(3) 8.64p n/a 7.90p +9.5% n/a
( )
(1) EBITDA is profit before tax, depreciation, amortisation, non-operating
income/expense and finance cost and income.
(2) Net cash excludes lease liabilities of £13.0 million. See note 8.
(3) Interim Dividend of 3.85p per ordinary share paid on 28 November 2025
amounting to £14.5 million. Recommended Final Dividend of 4.79p per ordinary
share will be paid on 29 May 2026, subject to approval at the Annual General
Meeting.
(4) Constant currency is 2025 results translated using the prior year's
foreign exchange rates. This excludes the impact from foreign exchange rate
movements ("Constant Currency") during FY 2025, particularly the Japanese yen
which saw a 1.9% decrease in value against pound sterling (average rate of
exchange used in FY2025 was Yen/£ 195.35 vs FY 2024: Yen/£ 191.71 ), and a
0.4% decrease in the euro against pound sterling (average rate of exchange
used in FY 2025 was €/£ 1.178 vs FY 2024: 1.173).
(5) FY 2024 figures for Gross cash, Net cash and Cash generated from
operations have been restated. See note 8.
Serge Crasnianski, CEO & Deputy Chairman, commented:
"I am delighted to announce another year of record profitability at ME Group,
largely driven by the continued strong performance in our fast-growing laundry
division.
"Aligned with our growth strategy, and by leveraging strong customer
relationships, the Group will continue to further build on its existing strong
international footprint through the accelerated rollout of its laundry
operations. Innovation and diversification remain a key focus for the Group,
and the year ahead will see the rollout of our innovative key duplication
machine, Kee.ME, in France.
"Furthermore, the Group aims to capitalise on its strong financial position
and will seek to make acquisitions that are strictly and closely related to
its core business, intended to either more rapidly expand its existing
presence and services or broaden its offer through the creation of a new
strategic division."
Looking ahead
In respect of the year ending 31 October 2026, the Company confirms that the
year-to-date performance is in line with expectations.
The Board remains highly confident in the Group's strategy, its strong
financial position, and its leading market position.
2025 FINANCIAL HIGHLIGHTS
· Total Group revenue increased by 2.4% to £315.4 million (+3.0% at
constant currency(4)), driven by the rapid expansion of laundry services
· Total laundry revenue increased by 17.3% to £112.4 million (+17.7% at
constant currency(4)). Total laundry EBITDA grew by 18.1% to £55.5 million
(+18.5% at constant currency(4)) and now accounts for 46.1% of total Group
EBITDA
· Wash.ME laundry vending revenue grew by 10.2% to £100.8 million
(+10.6% at constant currency(4))
· A record 1,326 machines installed (1,172 new machines; 154
relocations), bringing the total number of machines in operation at 31 October
2025 to 7,607, up 17.7% (2024: 6,462)
· Photobooth operations saw robust trading in key markets; however,
revenue was 4.0% lower at £166.2 million (-3.4% at constant currency(4)),
primarily impacted by regulatory changes in Germany and a printer supplier
issue
· Group EBITDA increased by 5.4% to £120.4 million (2024: £114.2
million) and at constant currency(4) increased by 6.0%. Group EBITDA margin
improved to 38.2% (2024: 37.1%)
· Record profit before tax at £78.2 million, up 6.5% (+7.1% at
constant currency(4))
· Cash generated from operations increased by 8.9% to £115.5 million
(2024: £106.1 million), whilst net cash was 10.2% lower at £26.5 million,
which reflected increased capital investment
· Total dividend up 9.5% at 8.64 pence per Ordinary Share (Interim
dividend of 3.85 pence and proposed Final dividend of 4.79 pence per Ordinary
Share)
PUBLICATION OF ANNUAL REPORT AND ACCOUNTS
On 23 March 2026, the Company will publish its annual report and accounts for
the financial year ended 31 October 2025 (the "Annual Report"). The Annual
Report will be available on the Company's website at www.me-group.com
(http://www.me-group.com) .
The Annual Report will be posted to those shareholders who have not chosen to
receive electronic communication or communication through the Company's
website.
A copy of the Annual Report will also be submitted to the National Storage
Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
ENQUIRIES:
ME Group International plc +44 (0) 1372 453 399
Stéphane Gibon, CFO ir@me-group.com
Vlad Crasneanscki, Head of Investor Relations
Hudson Sandler +44 (0) 20 7796 4133
Wendy Baker / Nick Moore me-group@hudsonsandler.com
NOTES TO EDITORS
ME Group International plc (LSE: MEGP) is an international market leader in
automated self-service equipment aimed at the consumer market, with over
49,000 vending units currently in operation.
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:
Core activities:
· Photo.ME Photobooths and integrated biometric identification solutions
· Wash.ME Unattended laundry services and launderettes
Ancillary activities:
· Print.ME High-quality digital printing kiosks
· Other vending Primarily foodservice vending equipment (Feed.ME), Children's rides
(Amuse.ME), Photocopier services (Copy.ME)
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.
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.).
The Company's shares have been listed on the London Stock Exchange since 1962.
For further information: www.me-group.com (http://www.me-group.com)
CHAIRMAN'S STATEMENT
2025 Overview
I am pleased to report the Group's financial results for the 12 months ended
31 October 2025, which delivered total revenue growth of 2.4% (+3.0% at
constant currency(4)). EBITDA increased by 5.4% (+6.0% at constant
currency(4)), while profit before tax rose by 6.5% (+7.1% at constant
currency(4)), reaching a record level of profitability for the Group.
We are a global business with operations across multiple geographic regions,
and the macroeconomic and geopolitical backdrop remains uncertain, and some
foreign exchange headwinds remain. Despite this, I am encouraged by the
resilience across our key markets, with revenue growth achieved for our three
operating regions: Continental Europe, the United Kingdom & Republic of
Ireland, and Asia Pacific.
We continued to invest in future growth, expanding and upgrading our machine
portfolio, funded through strong cash generation from our operations, while
taking a disciplined financial approach alongside a focus on cost efficiency
to mitigate the inflationary environment in which we operate.
Our growth strategy
The Group's growth strategy is primarily focused on our core activities of
installing and operating automated vending equipment, primarily photobooths
and laundry machines, in high-footfall locations, leveraging our strong site
owner relationships, in return for commission and/or a fixed fee.
This diversification strategy, which has seen the rapid expansion of laundry
operations in recent years, has evolved the business mix with a higher
proportion of attractive levels of return on invested capital and a strong
performance against our targeted payback periods and return on capital, which
significantly exceeds our cost of capital.
Our dedicated approach to innovation enables us to continuously refresh and
diversify the functionality and capabilities of our machines. Our disciplined
financial approach and a focus on cost minimisation enable us to capitalise on
operating leverage as we grow our machine estate.
We have a significant competitive advantage across our key markets,
underpinned by a dominant market position and high barriers to entry. The
Group's key strengths include long-standing partnerships with site owners,
growth of our laundry operations, stable cash flows from our established
photobooth estate, and the extended lifecycle of our assets. These key
strengths position the Group for long-term success.
Our key strategic focus remains the expansion of our international footprint
through the rapid deployment of laundry operations, alongside product
innovation, such as our new key duplication machines Kee.ME, as we continue to
diversify our operations. We will consider strategic acquisitions which help
to accelerate the rollout pace of our laundry operation, as well as seek
acquisition opportunities to expand the breadth of our offer, including
through the creation of a new strategic division.
The Board
The composition of the Board changed in 2025 with the appointment of two new
Board Directors.
Vlad Crasneanscki joined the Board as an Executive Director on 3 June 2025,
and post the year end he was appointed Deputy Chief Executive Officer on 2
February 2026. Vlad had held the position of Managing Director, UK and Head of
Investor Relations since January 2024, and he continued to be responsible for
managing the UK business as well as investor relations activity during 2025.
He remains Head of Investor Relations.
Gregory Barker, Lord Barker of Battle, joined the Board as an independent
Non-Executive Director. Lord Barker is an experienced director and currently
holds positions on the boards of leading businesses including EV Network,
GlassView, the Clean Growth Leadership network and PowerHive.
These appointments further broaden and enhance the skillset and experience of
the Board. We have a strong leadership team in place, and we will continue to
consider and evolve the composition of the Board as we further build our
leading position and progress our long-term growth strategy.
The Board of Directors believes the Company has a strong leadership team in
place to continue delivering on the Group's long-term growth strategy.
Strategic Review
In June 2025, the Company announced that it was evaluating various strategic
options to enhance shareholder value. Following engagement with several
interested parties, the Board of Directors confirmed in December 2025 that it
had not received an offer that it believed would be in the best interests of
all the Company's shareholders, and as a result, discussions were terminated.
The Board has a clear growth strategy focused on the Group's core business
activities of laundry and photobooth operations, with good progress being
made. We believe the Company is well-placed to deliver long-term value for all
shareholders.
Dividends
The Company's dividend policy seeks to pay annual dividends in excess of 55%
of the Group's annual profit after tax, subject to market and capital
requirements.
At the interim results announced on 22 July 2025, the Board declared an
interim dividend of 3.85 pence per Ordinary share (the "Interim Dividend") in
respect of FY 2025, an increase of 11.6%, which amounted to £14.5 million,
paid to shareholders on 28 November 2025, for those on the register on 7
November 2025. The ex-dividend date was on 6 November 2025.
The Board has recommended a final dividend for 2025 of 4.79 pence per Ordinary
share ("Final Dividend") amounting to £18.1 million.
Combined, the Interim and Final Dividend bring the Total Dividend for FY 2025
to 8.64 pence per Ordinary share (£32.6 million), an increase of 9.5% and
representing 58.0% of the Group's earnings per share for FY 2025.
Subject to approval at the Company's annual general meeting on 24 April 2026,
the Final Dividend will be paid on 29 May 2026 to shareholders on the register
at close of business on 8 May 2026. The ex-dividend date will be 7 May 2026.
Sustainability
We remain committed to strengthening our sustainability efforts. We believe
that sustainability is a responsibility that must be embedded within every
aspect of our business, as we look to reduce our environmental impact and
support the communities in which we operate.
Details of our Sustainability approach and KPIs are set out on pages 44 to 61
of the 2025 Annual Report.
Update on suspension
The Company expects to publish its annual report and accounts later today,
following which the Company will apply for the restoration of the listing and
trading of its shares.
Looking ahead
In respect of the year ending 31 October 2026, the Company confirms that the
year-to-date performance is in line with expectations.
The Board remains highly confident in the Group's strategy, its strong
financial position, and its leading market position.
Sir John Lewis OBE
Non-executive Chairman
23 March 2026
CHIEF EXECUTIVE'S REPORT
BUSINESS REVIEW
We are pleased to report another year of record profitability for our 2025
financial year. The positive trading momentum in the first half, driven by a
strong performance from our rapidly growing laundry operations, continued
throughout the second half.
We have a clear growth strategy and competitive advantage. We made good
strategic progress, with 17.7% more Wash.ME laundry machines in operation at
the year-end, expansion of our photobooth footprint in Belgium and a continued
focus on new product and technology innovation.
The Group's cash conversion and balance sheet remained strong, supported by
predictable revenue streams and the highly cash-generative characteristics of
our operations. We have a disciplined financial approach to managing costs,
with a focus on maximising return on capital and targeting a rapid return on
investment.
Financial performance
Reported Group revenue improved by 2.4% to £315.4 million (2024: £307.9
million), driven by another strong performance from our laundry business and
resilience in our photobooth business. At constant currency(4) revenue grew by
3.0%.
Total laundry revenue increased by 17.3% to £112.4 million (+17.7% at
constant currency(4)). Total laundry EBITDA grew by 18.1% to £55.5 million
(+18.5% at constant currency(4)) and now accounts for 46.1% of total Group
EBITDA.
Vending revenue from our Wash.ME laundry services, which offer consumers
affordable, large-capacity washing machines in convenient locations, grew by
10.2% (+10.6% at constant currency(4)), with 1,145 net machines added
year-on-year, alongside good consumer demand.
Our photobooth business generated total vending revenue of £166.2 million,
4.0% lower than the prior financial year (3.4% lower at constant currency(4)).
This was due to a one-off supplier issue related to printers, the end of a UK
contract in FY 2024 and changes to photo ID regulations in Germany, requiring
passport photos to be taken in the citizens' office or by certified
photographers. Consequently, Photo.ME EBITDA was 3.7% lower (3.2% constant
currency(4)) at £59.3 million.
The regulatory change in Germany impacted performance in H2 2025, with the
negative effect on revenue limited to £3.0 million. The Group expects the
impact to continue in FY 2026, with revenue recovering thereafter. In response
to the new regulations, the Group has initiated the development of a new
generation of photobooths and biometric kiosks integrating liveness detection
and anti-spoofing technologies, designed to meet the new requirements. The
deployment of the new generation machines will begin in H2 2026, as will the
upgrade of all existing photobooths in Germany to meet the regulations.
The Group's three geographic regions all delivered revenue growth. Continental
Europe, our largest region, reported revenue growth of 3.1% to £215.5 million
(up 3.4% at constant currency(4)). The UK & Republic of Ireland reported
revenue growth of 1.8% to £50.1 million (up 2.0% at constant currency(4)) and
Asia Pacific revenue marginally improved by 0.2% to £49.8 million (up 2.2% at
constant currency(4)). While operating profit in Asia Pacific grew by 61.0%
(+63.4% at constant currency) and operating profit for the United Kingdom
& Republic of Ireland grew by 4.6%, Continental Europe reported a marginal
decline of 0.7% (-0.4% at constant currency(4)) primarily due to the
photobooth matters mentioned above.
Group EBITDA increased by 5.4% to £120.4 million (2024: £114.2 million) and
at constant currency(4) increased by 6.0%. Group EBITDA margin improved to
38.2% (2024: 37.1%).
Reported profit before tax increased by 6.5% to £78.2 million (2024: £73.4
million) and at constant currency(4) increased by 7.1%.
The Group's corporation tax charge for the year increased to £21.6 million,
which resulted in an effective tax rate of 27.7%. In 2024, the tax charge was
£19.3 million, an effective tax rate of 26.3%. The increase in effective tax
rate is due to tax reassessments in France.
Capital expenditure was £65.6 million, a 20.1% increase on the prior year,
primarily related to laundry (£31.8 million), photobooths (£12.8 million),
kiosks (£6.7 million), plant and machinery (£7.0 million) and intangible
assets (£3.5 million). Capital expenditure is expected to be between £57.0
million and £59.0 million in FY 2026.
Cashflow and net cash position
31 October 31 October
Restated
2025 2024
Opening net cash £29.5m £26.5m
Cash generated from operations £115.5m £106.1m
Payments in relation to provisions and pensions £(1.2)m £(0.8)m
Net interest paid £(2.1)m £(1.9)m
Taxation £(21.4)m £(17.5)m
Net cash generated from operating activities £90.8m £85.9m
Net cash used in investing activities £(60.5)m £(47.6)m
Net cash used in financing activities £(34.4)m £(34.7)m
Net cash generated / (utilised) £(4.1)m £3.6m
Impact of exchange rates £1.1m £(0.6)m
Net cash inflow / (outflow) £(3.0)m £3.0m
Closing net cash £26.5m £29.5m
Consisting of:
Cash and cash equivalents £56.5m £77.5m
Non-current borrowings £(12.4)m £(28.6)m
Current borrowings £(17.6)m £(19.4)m
Closing net cash £26.5m £29.5m
2024 figures for gross cash, net cash and cash generated from operations have
been restated. Refer to note 8 for further details.
The Group remains in a strong financial position and is well capitalised.
The Group delivered improved cash generation, with cash generated from
operations of £115.5 million, an 8.9% increase on the prior year (2024:
£106.1 million).
At 31 October 2025, gross cash was £56.5 million (2024: £77.5 million), a
decrease of 27.1%, primarily due to £21.5 million of debt repayments made in
the period. Net cash was £26.5 million as at 31 October 2025 (2024: £29.5
million), 10.2% lower than the prior year, as a result of a £10.6 million
year-on-year increase in capital expenditure.
Further details of the Group's performance by business area and geographic
region are set out below.
Overview of principal business areas
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.
Photo.ME (Core business)
Photobooths and secure integrated biometric photo ID solutions
12 months ended 12 months ended
31 October 2025
31 October 2024
Number of units in operation 30,520 30,613
Percentage of total group vending estate (number of units) 62.0% 63.5%
Vending revenue(1) £166.2m £173.2m
Total revenue(2) £168.6m £175.0m
Capex £12.8m £17.1m
EBITDA £59.3m £61.6m
(1) Vending revenue is earned from machines in operation and excludes revenue
from the sale of equipment, consumables, spare parts and services.
(2) Total revenue is vending revenue from the operation of photobooth machines
plus revenue from the sale of photobooth machines spare parts, consumables and
services.
Performance
Photobooth operations are the Group's largest business by number of units,
revenue and EBITDA contribution. The Group operates photobooth machines in 16
countries.
Continental Europe remains the Group's largest region in terms of revenue
contribution, with robust trading in key markets such as France, and growth in
our developing markets, including Belgium and the Netherlands. In Germany, a
regulatory change requiring passport photos to be taken in the citizens'
office or by certified photographers impacted the H2 2025 performance. Further
details are provided in the financial performance section.
Vending revenue in the UK and Ireland was 21.8% lower, primarily due to the
previously announced end of a contract in FY 2024. Vending revenue in Asia
Pacific improved by 2.1%, which reflected greater demand.
As a result of the above, and a supplier printer issue in H1 2025 for which
the Group received compensation from the supplier, the total Photo.ME vending
revenue(1) was 4.0% lower at £166.2 million (-3.4% at constant currency(4)).
The average revenue per machine (excluding VAT) decreased to £5,437 per year
(2024: £5,644) due to the factors detailed above.
Photo.ME EBITDA was £59.3 million, down 3.7% (-3.2% at constant currency(4))
and represented 49.3% of total Group EBITDA. The EBITDA margin was 35.2%
(2024: 35.2%).
Capex decreased to £12.8 million (2024: £17.1 million), following an
exceptionally high level of investment in 2024.
At 31 October 2025, the number of photobooths in operation was 30,520, which
is broadly in line with the prior year (2024: 30,613). Photobooths represented
62.0% of the Group's total vending estate.
Growth strategy update
2025 saw progress delivering the Group's next-generation photobooth
installation programme, replacing old machines. The latest generation machines
offer consumers a multi-functional booth providing a range of services in
addition to our core photo ID product.
As at 31 October 2025, the Group had installed 3,079 next-generation
photobooths, albeit the pace was slightly slower than planned. The Group
continues to target the installation of 8,000 next-generation photobooths,
cumulatively, by the end of the financial year 2027.
The Group completed a small acquisition of a photo ID competitor in Belgium,
which added 116 photobooths to the Group's portfolio, all of which were
profitable in the prior year. The acquired machines have been fully integrated
into our operations and performing to a high standard.
The Group continues to consolidate its position in the photobooth market
through significant innovation. We recently launched our new AI capabilities
focused on enhancing the photobooth experience for consumers through a range
of new functionality. Soft copies of fun photos generated via AI can be
downloaded through a bespoke QR code, providing consumers a simple and
seamless process for accessing images and sharing on social media. All
Starbooth and Next Generation Photobooth machines in France are already
equipped with new software. These initiatives were activated in collaboration
with partners such as the Aston Martin F1 Team and Paris Saint-Germain F.C.
The Group remains committed to investing in its photobooth estate and believes
that prospects for the photo ID market across existing and new geographic
regions remain attractive.
Wash.ME (Core Business)
Unattended laundry services and laundrettes
12 months ended 12 months ended
31 October 2025
31 October 2024
Number of units in operation 7,607 6,462
Percentage of total group vending estate (number of units) 15.5% 13.4%
Vending revenue(1) £100.8m £91.5m
Total revenue(2) £112.4m £95.8m
Capex £31.8m £25.4m
EBITDA £55.5m £47.0m
(1) Vending revenue is revenue earned from machines in operation and excludes
revenue from the sale of equipment, consumables, spare parts and services.
(2) Total revenue is vending revenue from the operation of laundry machines
plus revenue from the sale of laundry machines spare parts, consumables and
services.
Performance
Our laundry business remains the Group's fastest growing business by number of
machines, revenue and EBITDA contribution.
In 2025, the laundry business continued to perform strongly, with total
laundry revenue up 17.3% to £112.4 million (up 17.7% at constant
currency(4)).
Total laundry EBITDA increased by 18.1% to £55.5 million (up 18.5% at
constant currency(4)). Total laundry EBITDA margin was 49.4%, compared with
49.1% in 2024.
The Group installed a record number of machines in 2025, with a total of 1,326
machines installed (consisting of 1,172 new machines and 154 relocations).
After the removal of 181 old or unprofitable machines, the net number of
Wash.ME machines in operation increased by 1,145. In comparison, in 2024 the
Group installed 1,168 machines (900 new machines and 268 relocations) and
removed 280, resulting in a net increase in Wash.ME units of 888.
At 31 October 2025, the Group had a total of 7,607 machines in operation
mostly across France and the United Kingdom & Republic of Ireland. These
regions delivered a strong performance, which reflected estate expansion, with
vending revenue growth of 6.9% (+7.3% at constant currency(4)) in Continental
Europe and 18.4% (+18.8 at constant currency(4)) in the UK & Republic of
Ireland.
As a result, vending revenue from the Group's Wash.ME estate grew by 10.2% to
£100.8 million (up 10.6% at constant currency(4)).
The average revenue per machine (excluding VAT) was £14,329, a 5.8% decrease
compared to the prior year (-5.4% at constant currency(4)). As previously
communicated, this was partly due to unusually warm weather in the summer
months across Europe, which had some impact on demand for laundry services.
Capex increased 25.2% to £31.8 million (2024: £25.4 million), which
reflected continued investment in the expansion of laundry operations in line
with the Group's strategy. The Group estimates capex at £28.1 million in
2026, despite an increase in installations, thanks to a reduction in the unit
cost price.
Growth strategy update
Laundry expansion remains a key strategic priority, and the progress made in
2025 has contributed to a higher proportion of Group revenue, 35.6%, from
laundry operations (2024: 31.1%), and this trend is in line with our long-term
diversification strategy.
In FY 2026, the Group has ambitions to install more than 1,300 Wash.ME laundry
machines.
We continue to drive innovation and develop a more seamless experience for
consumers. Post-period end, in November 2025, the Group launched the first
version of its new Wash.ME mobile phone App, for both iOS and Android,
providing users with real-time machine availability, information for more than
3,000 Wash.ME locations, and access to information on prices, promotions,
services, options and payment methods. In January 2026, new features were
launched on the App as part of the second phase of innovation. This included
the introduction of machine pairing features providing users with real time
cycle tracking and push notifications, and the launch of a new loyalty
programme enabling users to generate points from using laundry services which
can be converted to discount vouchers.
The launch of the Wash.ME App reinforces the Group's commitment to investing
in innovative solutions aimed at improving the experience and services for
consumers.
Print.ME - High-quality digital printing services (Ancillary business)
12 months ended 12 months ended
31 October 2025
31 October 2024
Number of units in operation 4,515 4,526
Percentage of total group vending estate (number of units) 9.2% 9.4%
Vending revenue(1) £10.8m £10.9m
Total revenue(2) £11.1m £12.1m
Capex £6.7m £0.7m
EBITDA £6.2m £4.9m
(1) Vending revenue is revenue earned from machines in operation and excludes
revenue from the sale of equipment, consumables, spare parts and services.
(2) Total revenue is vending revenue from the operation of kiosk machines plus
revenue from the sale of kiosk machines spare parts, consumables and services.
Performance
Print.ME vending revenue was stable at £10.8 million (2024: £10.9 million)
and contributed 3.8% of Group vending revenue.
In France, we have replaced, or removed where unprofitable, 649 old model
machines with our new Speedlab kiosk, which offers enhanced functionality for
consumers and an improved customer experience, driving better quality outcomes
and stronger revenue per machine. Additionally, our next-generation Speedlab
is also a lower-cost model.
The average revenue per machine (excluding VAT) increased by 1.5% to £2,389
(2024: £2,354).
As a result of the ongoing replacement programme, capex increased to £6.7
million (2024: £0.7 million) in line with our strategy to invest in ancillary
activities where attractive target returns can be achieved.
Whilst revenue has remained stable, EBITDA increased by 26.5% to £6.2 million
(2024: £4.9 million) which was largely supported by the ongoing programme to
replace old model machines with new Speedlab machines.
At 31 October 2025, the Group had 4,515 digital printing kiosks in operation,
slightly lower than the prior year due to the removal of underperforming
machines (2024: 4,526). Print.ME represented 9.2% of the Group's total vending
units in operation.
Whilst investment activity remains weighted towards our core activities, the
Group plans to invest £3.8 million in FY 2026, with a continued focus on the
replacement of old model machines.
Other Vending (Ancillary business)
(Includes Feed.ME, Amuse.ME, Copy.ME)
12 months ended 12 months ended
31 October 2025
31 October 2024
Number of units in operation 6,562 6,629
Percentage of total group vending estate (number of units) 13.3% 13.7%
Vending revenue(1) £10.1m £9.9m
Total revenue(2) £23.3m £25.0m
Capex £1.6m £2.7m
EBITDA £8.0m £11.2m
(1)Vending revenue is revenue earned from machines in operation and excludes
revenue from the sale of equipment, consumables, spare parts and services.
(2)Total revenue is vending revenue from the operation of Other Vending
machines plus revenue from the sale of equipment, consumables, spare parts and
services.
Other Vending operations consist of 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.
At 31 October 2025, the Group operated 6,562 Other Vending units (2024:
6,629). This included 2,412 children's rides (Amuse.ME), 3,275 photocopiers
(Copy.ME), 470 freshly squeezed orange juice vending machines (Feed.ME),
mostly situated in Japan and Australia, and 405 other miscellaneous machines.
Vending revenue(1) increased by 2.0% to £10.1 million (+5.1% at constant
currency(4)).
In addition, the Group sells pizza-vending equipment in Continental Europe and
the UK, albeit on a small scale, with 25 pizza machines sold in 2025 (2024:
29). The Group earned £13.2 million in revenue from the sale of food vending
equipment, primarily pizza vending, and the sale of other equipment, spare
parts, consumable and services (2024: £13.9 million).
EBITDA was £8.0 million (2024: £11.2 million), with an EBITDA margin of
34.3% (2024: 47.3%).
Other vending accounted for 13.3% of the Group's total vending estate by
number of machines (2024: 13.7%) and represented 3.2% of the total Group
revenue.
Innovation and Diversification
The Group has a dedicated approach to innovation which supports the
diversification of our products and services. An in-house R&D team of 50+
engineers is focused on creating new complementary services and evolving the
services offered across our existing estate in response to ever-changing
consumer needs, whilst maximising return on investment.
Whilst the Group has capex programmes in place focused on the deployment of
new machines across our photobooth and laundry operations, we continue to
demonstrate our entrepreneurial and innovative approach and launch new
initiatives.
Development of Kee.ME, the Group's automated key cutting machine, progressed
in 2025 as we continued to test and improve our three pilot machines. In
February 2026, we started to deploy machines, with plans to deploy an
additional 50 machines under the SNCF contract in France, which was renewed in
the second half of 2025.
Diversification of our existing services is ongoing through new
functionalities, particularly our core activities.
In Photo.ME, AI capabilities for fun photo products have been launched in
response to growing demand for increased interactivity and visually
experiential products. We launched the first generative A1 created photo
produced inside a photobooth, which coincided with the UEFA Champions League
Final. This new feature, available in our next-generation photobooth in
France, allows end-users to transform themselves into PSG players, resulting
in 40,000 PSG-themed photos created within six months. This innovation was
extended to other seasonal themes such as Halloween and Christmas. In 2026,
further sports partnerships are planned, including collaborations with the
French national rugby and football teams.
In Wash.ME, we launched the new app as part of the ongoing digitalisation of
laundry services. This fully integrated application enables end-users to
manage their laundry experience remotely, offering real-time information on
laundry services, notifications to their phones, loyalty features and a more
seamless experience. In addition, the app reinforces the Group's commitment to
investing in innovative solutions and provides a strong channel for
direct-to-consumer marketing, enabling it to reward consumers and build brand
loyalty.
REVIEW OF PERFORMANCE BY GEOGRAPHY
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.
Vending units in operation
At October 2025 At October 2024
Number % of total Number % of total
of units estate of units estate
Continental Europe 27,819 56.5% 26,909 55.8%
UK & Republic of Ireland 6,498 13.2% 6,321 13.1%
Asia Pacific 14,887 30.3% 15,000 31.1%
Total 49,204 100% 48,230 100%
The total number of vending units in operation at 31 October 2025 increased by
2.0% to 49,204 (2024: 48,230), predominantly driven by laundry installations
across Continental Europe and the UK & Republic of Ireland.
Key financials
The Group reports its financial performance based on three geographic regions
of operation: (i) Continental Europe; (ii) the UK & Republic of Ireland;
and (iii) Asia Pacific.
Revenue by geographic region
12 months ended 12 months ended
31 October 2025
31 October 2024
Continental Europe £215.5m £209.0m
UK & Republic of Ireland £50.1m £49.2m
Asia Pacific £49.8m £49.7m
Total £315.4m £307.9m
Analysis of Revenue by Geographic Region
12 months ended 31 October 2025 Continental United Kingdom Asia
Europe & Ireland Pacific Total
Photo.ME £107.9m £15.1m £43.2m £166.2m
Wash.ME £68.5m £32.2m £0.1m £100.8m
Print.ME £10.7m £0.1m - £10.8m
Other vending (including Feed.ME) £2.2m £1.9m £6.0m £10.1m
Total vending revenue £189.4m £49.4m £49.2m £288.0m
Sales of equipment, spare parts, consumables & services £26.1m £0.7m £0.6m £27.4m
Total revenue £215.5m £50.1m £49.8m £315.4m
12 months ended 31 October 2024 Continental United Kingdom Asia
Europe & Ireland Pacific Total
Photo.ME £111.6m £19.3m £42.3m £173.2m
Wash.ME £64.1m £27.2m £0.2m £91.5m
Print.ME £10.7m £0.1m £0.1m £10.9m
Other vending (including Feed.ME) £1.9m £1.6m £6.4m £9.9m
Total vending revenue £188.3m £48.2m £49.0m £285.5m
Sales of equipment, spare parts, consumables & services £20.7m £1.0m £0.7m £22.4m
Total revenue £209.0m £49.2m £49.7m £307.9m
Operating profit by geographic region
12 months ended 12 months ended
31 October 2025
31 October 2024
Continental Europe £67.6m £68.1m
UK & Republic of Ireland £13.6m £13.0m
Asia Pacific £6.6m £4.1m
Corporate costs £(9.7)m £(10.8)m
Total £78.1m £74.4m
Total revenue increased by 2.4% to £315.4 million (+3.0% at constant
currency(4)), which was largely driven by a strong top-line performance in
Continental Europe. Total operating profit increased by 5.0% to £78.1 million
(+5.4% at constant currency(4)), with Continental Europe the largest
contributor, delivering a 31% operating margin.
Continental Europe
Continental Europe is the Group's largest region by both number of machines
and contribution to total Group revenue. The number of machines in operation
grew by 3.4%, which reflected the significant expansion of laundry operations
with 726 net new laundry machines installed in the region.
Laundry was the growth driver for the region, with vending revenue growth of
6.9% to £68.5 million (+7.3% at constant currency(4)), supported by further
estate expansion, particularly in France, and consumer demand for accessible
automated laundry services.
Photobooths continued to see growth in developing markets. The Group expanded
its presence in the Belgium photobooth market through the acquisition of 116
photobooths from APS, a Belgium photobooth manufacturer and operator in March
2025. The deployment of next-generation photobooths in the region continued,
with 843 installed in France during the financial year.
However, the overall performance was negatively impacted by a combination of
H1 2025 supplier printer issues (now fully resolved) and governmental changes
to photo ID requirements introduced in Germany in May 2025, which led to
traditional printed photos no longer being accepted, but replaced with
mandatory digital photographs which must be taken via one of two government
approved methods; on-site at an official office, or at a certified
photographers/supplier. Together, these factors were the primary drivers for a
3.3% reduction in photobooth vending revenue at £107.9 million (-3.0% at
constant currency(4)).
Print.ME's vending revenue performance was flat at £10.7 million, and Other
Vending revenue grew by 15.8% to £2.2 million.
As a result of the above, total revenue increased by 3.1% to £215.5 million
(+3.4% at constant currency(4)). Operating profit was down by 0.7% at £67.6
million (-0.4% at constant currency(4)).
At 31 October 2025, 27,819 units were in operation, an increase of 3.4% (2024:
26,909), which represented 56.5% of the Group's total estate. Continental
Europe accounted for 68.3% of total Group revenue and 80.1% of Group EBITDA.
UK & Republic of Ireland
Laundry performed strongly in the region, with vending revenue up 18.4% to
£32.2 million (2024: +18.8% at constant currency(4)) with a further 414 net
Wash.ME laundry units installed in the financial year. This was achieved
despite slightly softer consumer demand during the unusually warm summer
months.
The photobooth performance was more challenging, with vending revenue down
21.8% at £15.1 million, in part due to the previously mentioned winding down
following the end of a contract in FY 2024, which led to lower revenue
compared with the prior year, as well as a lower number of machines in
operation. However, as previously noted, due to the terms of this contract,
the impact on profit was limited.
As a result, revenue in the region increased by 1.8% to £50.1 million (+2.0%
at constant currency(4)) and Wash.ME operations now contribute 65.2% of
vending revenue in the United Kingdom & Republic of Ireland. Operating
profit increased by 4.6% to £13.6 million (2024: £13.0 million), which
reflected the strong performance from high-margin laundry operations and a
focus on cost efficiencies.
As at 31 October 2025, there were 6,498 units in operation, an increase of
2.8% (2024: 6,321), which accounted for 13.2% of the Group's total vending
estate. The region contributed 15.9% of total Group revenue and 17.5% of Group
EBITDA.
Asia Pacific
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.
The results in the region were impacted by a 1.9% decrease in the value of the
yen against the pound sterling.
The performance was driven by a 2.1% increase in photobooth vending revenue to
£43.2 million (+4.0% at constant currency(4)), while Other Vending, which
includes Feed.ME, reduced by 6.3% to £6.0 million (-1.6% at constant
currency(4)). The Group operates 467 freshly squeezed orange juice vending
machines in Japan (426 machines) and Australia (41 machines).
While reported revenue improved slightly by 0.2% to £49.8 million, at
constant currency(4) the revenue was up 2.2%. Operating profit increased
substantially, up 61.0% at £6.6 million (+63.4% at constant currency(4)) due
in part to one-off impairment charges in the prior year.
As at 31 October 2025, the Group operated 14,887 machines in the Asia Pacific
region, down 0.8% (2024: 15,000). The region contributed 15.8% to total
revenue and 9.5% of Group EBITDA.
Key Performance Indicators (KPIs)
The Group's growth strategy is focused on growing its core business areas of
laundry and photobooth operations. The Group measures its strategic and
operational performance using different types of indicators. The main
objective of these KPIs is to monitor the Group's cash generation, long-term
profitability, growth of core business areas and returns to shareholders.
Description Relevance Performance
12 months ended 12 months ended
31 October 2025
31 October 2024
Group revenue Helps evaluate growth trends and assess operational performance £315.4m £307.9m
Group profit before tax Measure of the Group's profitability £78.2m £73.4m
Diluted earnings per share Measure of the Group's profitability 14.91p 14.27p
Cash generated from operations Measure of the Group's cash generation £115.5m £106,1m(1)
Total dividend per share Measure of returns to shareholders 8.64p 7.90p
Number of next-generation photobooths installed Replacing old model machines with next-generation is a strategic priority 1,298 1,333
Net change in number of Wash.ME units operated The increase in number of Wash.ME machines is a constant priority and a main 1,145 888
driver for growth
(1)2024 cash generated from operations has been restated. Refer to note 8 for
details.
Changes to KPIs from previous Annual Reports
The Group's KPIs have been updated to better align to how the directors
monitor performance:
· Diluted earnings per share and total dividend per share have been
included as they are key measures of profitability and returns to
shareholders, respectively;
· Stable cash generation is key to the Group's strategy of growing
the vending estate, hence the inclusion of cash generated from operations; and
· Increase in number of photobooth units has been removed from the
KPIs as the Group pursues a strategy of diversification. In its place is a new
KPI measuring the number of next-generation photobooths installed, reflecting
the Group's focus on technological innovation.
Serge Crasnianski
Chief Executive Officer & Deputy Chairman
23 March 2026
PRINCIPAL RISKS
As with any business, the Group faces risks and uncertainties that could
impact the achievement of the Group's strategy.
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.
The table below sets out what the Board believes to be the principal risks and
uncertainties, their impact, and actions taken to mitigate them.
Economic
Nature of risk Description and impact Mitigation
Global economic conditions Economic growth has a major influence on consumer spending. The Group focuses on maintaining the characteristics and affordability of its
needs-driven products.
A sustained period of economic recession and a period of high inflation could
lead to a decrease in consumer expenditure in discretionary areas. 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.
The Group has no exposure to the invasion of Ukraine by Russia.
Volatility of foreign exchange rates The majority of the Group's revenue and profit is generated outside the UK, The Group hedges its exposure to currency fluctuations on transactions, as
and the Group's financial results could be adversely impacted by an increase relevant. However, by its nature, in the Board's opinion, it is very difficult
in the value of sterling relative to those currencies. to hedge against currency fluctuations arising from
translation in consolidation in a cost-effective manner.
Regulatory
Nature of risk Description and impact Mitigation
Centralisation of the production of ID photos In many European countries where the Group operates, if governments were to The Group has developed new systems that respond to this situation, leveraging
implement centralised image capture, for biometric passport and other 3D technology in ID security standards, and securely linking our booths to the
applications, or widen the acceptance of self-made or home-made photographs administration repositories. Solutions are in place in France, Ireland,
for official document applications, the Group's revenues and profits could Switzerland and the UK.
be affected.
Furthermore, the Group also ensures that its ID products remain affordable and
of a high-quality.
Strategic
Nature of risk Description and impact Mitigation
Failure to identify new business opportunities The failure to identify new business areas may impact the ability of the Group Management teams constantly review demand in existing markets and potential
to grow in the long-term. new opportunities. The Group continues to invest in research in new products
and technologies.
Inability to deliver anticipated benefits from the launch of new products The realisation of long-term anticipated benefits depends mainly on the The Group regularly monitors the performance of its entire estate of machines.
continued growth of the laundry business and the successful development of New technology-enabled secure ID solutions are subjected to intensive trials
integrated secure ID solutions. Failure in this regard could lead to a lack of before launch and the performance of operating machines is continually
competitiveness. monitored.
Market
Nature of risk Description and impact Mitigation
Commercial relationships The Group has well-established, long-term relationships with a number of site- The Group's major key relationships are supported by medium-term contracts.
owners. The deterioration in the relationship with, or ultimately the loss of, The Group actively manages its site-owner relationships at all levels to
a key account would have an adverse, albeit contained, impact on the Group's ensure a high-quality service.
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. The Group continues to monitor the situation in both the French and the UK
markets.
To maintain its performance, the Group needs to have the ability to continue
trading in good conditions in France and the UK.
Operational
Nature of risk Description and impact Mitigation
Reliance on foreign manufacturers The Group sources most of its products from outside the UK. Consequently, the Conducting research into quality and ethics before the Group procures products
Group is subject to risks associated with international trade. This could from any new country or supplier. The Group maintains very close relationships
impact competitiveness and profitability. with both its suppliers and shippers to ensure that risks of disruption to
production and supply are managed appropriately.
Reputation The Group's brands are key assets of the business. Failure to protect the The protection of the Group's brands in its core markets is sustained with
Group's reputation and brands could lead to a loss of trust and confidence. certain unique features. The appearance of the machine is subject to high
This could result in a decline in our customer base. maintenance standards.
Furthermore, the reputational risk is diluted as the Group also operates under
a range of brands.
Product and service quality The Board recognises that the quality and safety of both its products and The Group continues to invest in its existing estate, to ensure that it
services are of critical importance and that any major failure could affect remains contemporary, and in constant product innovation to meet customer
consumer confidence and the Group's competitiveness. needs.
The Group also has a programme in place to regularly train its technicians.
Technological
Nature of risk Description and impact Mitigation
Failure to keep up with advances in technology The Group operates in fields where upgrades to new technologies are critical. The Group mitigates this risk by continually focusing on R&D.
Failure to exceed or keep in step could result in a lack of ability
to compete.
Cyber risk: Third party attack on secure ID data transfer feeds The Group operates an increasing number of photobooths capturing ID data and The Group undertakes an ongoing assessment of the risks and ensures that the
transferring these data directly to government databases. The rising threat of infrastructure meets the security requirements.
cybercrime could lead to business disruption as well as to data breaches.
Environmental
Nature of risk Description and impact Mitigation
Increased potential legislation and the rising cost of waste disposal. Energy The rising costs associated with compliance with such increased demands could The Group focuses on reducing the amount of waste produced; and the recovery,
consumption, water scarcity, and rising car fuel prices (for employees, impact on overall profitability. refurbishment and resale of electrical equipment such as children's rides
suppliers, transportation and final consumers) and raising awareness of the which promote the principle embodied in recent legislation of reuse before
climate crisis amongst consumers recycling.
GROUP FINANCIAL STATEMENTS
Group Statement of Comprehensive Income for the 12 months ending 31 October 2025
12 months ended 12 months ended
31 October
31 October
2025 2024
Notes £ '000 £ '000
Revenue 3 315,393 307,886
Cost of Sales (202,430) (198,394)
Gross Profit 112,963 109,492
Other Operating Income 154 209
Administrative Expenses (34,968) (35,617)
(Impairment) / reversal of impairment of trade receivables (12) 303
Share of Post-Tax Profits from Associates 1 3
Operating Profit 78,138 74,390
Non-operating income - net 2,211 982
Finance Income 118 670
Finance Cost (2,256) (2,621)
Profit before Tax 78,211 73,421
Total Tax Charge 4 (21,639) (19,331)
Profit for the year 56,572 54,090
Other Comprehensive Income
Items that are or may subsequently be classified to Profit and Loss:
Exchange Differences Arising on Translation of Foreign Operations 5,208 (4,839)
Exchange differences reclassified to income statement on disposal of subsidiaries - 76
Total Items that are or may subsequently be classified to profit and loss 5,208 (4,763)
Items that will not be classified to profit and loss:
Remeasurement gains / (loss) in defined benefit obligations and other post-employment benefit obligations 66 (520)
Deferred tax on remeasurement (gains) / loss (25) 118
Total items that will not be classified to profit and loss 41 (402)
Other comprehensive income / (expense) for the year net of tax 5,249 (5,165)
Total comprehensive income for the year 61,821 48,925
Profit for the Year Attributable to:
Owners of the Parent 56,572 54,090
Non-controlling interests - -
56,572 54,090
Total comprehensive income attributable to:
Owners of the Parent 61,821 48,925
Non-controlling interests - -
61,821 48,925
Earnings per Share
Basic Earnings per Share 6 15.00p 14.36p
Diluted Earnings per Share 6 14.91p 14.27p
All results derive from continuing operations.
The accompanying notes form an integral part of these condensed consolidated financial statements.
Group Statement of Financial Position as at 31 October 2025
31 October 31 October
2025 2024
Restated
Notes £'000 £'000
Assets
Goodwill 7 11,159 11,006
Other intangible assets 7 16,205 14,362
Property, plant & equipment 7 169,506 136,332
Investment in associates 39 37
Financial instruments held at FVTPL 1,991 1,619
Other receivables 1,976 2,814
Non-current assets 200,876 166,170
Inventories 47,740 38,065
Trade and other receivables 19,238 19,292
Current tax 9,997 97
Cash and cash equivalents 8 56,539 77,458
Current assets 133,514 134,912
Non-curent assets classified as held for sale - 2,869
Total assets 334,390 303,951
Equity
Share capital 1,887 1,882
Share premium 12,173 11,510
Capital redemption reserve 12 12
Translation and other reserves 13,611 7,990
Retained earnings 185,321 158,477
Total Shareholders' funds 213,004 179,871
Liabilities
Financial liabilities 8 20,271 35,957
Post-employment benefit obligations 4,556 4,402
Deferred tax liabilities 9,598 7,202
Trade and other payables 381 -
Non-current liabilities 34,806 47,561
Financial liabilities 8 22,771 23,806
Provisions 560 1,306
Current tax 11,036 3,253
Trade and other payables 52,213 48,154
Current liabilities 86,580 76,519
Total equity and liabilities 334,390 303,951
The accompanying notes form an integral part of these condensed consolidated
financial statements.
The accounts were approved by the Board on 23 March 2026 and signed on its
behalf by:
Serge
Crasnianski
John Lewis
Chief Executive Officer
Non-executive Chairman
Registration number: 00735438
Group Statement of Cash Flows for the 12 months ending 31 October 2025
12 months ended 12 months ended
31 October
31 October
2025 2024
Restated
£'000 £'000
Cash flow from operating activities
Profit before tax 78,211 73,421
Finance costs 899 1,046
Interest of lease liabilities 1,357 1,575
Finance income (118) (670)
Non-operating income - net (2,211) (982)
Operating profit 78,138 74,390
Amortisation and impairment of intangible assets 4,508 7,425
Depreciation of property, plant and equipment net of reversal of impairments 37,791 32,409
Loss on sale property, plant and equipment and intangible assets 1,183 263
Exchange differences (450) 1,081
Non-cash movements in provisions and post-employment benefit obligations 583 541
Share based compensation charge 413 795
Other non cash items 85 268
Changes in working capital:
Inventories (9,651) (5,564)
Trade and other receivables 13 (3,099)
Trade and other payables 2,839 (2,374)
Cash generated from operations 115,452 106,135
Payments made in respect of provisions and post-employment benefit obligations (1,194) (796)
Interest paid (2,256) (2,621)
Interest received 118 670
Taxation paid (21,358) (17,518)
Net cash generated from operating activities 90,762 85,870
Cash flows from investing activities
Acquisition of subsidiaries (1,064) -
Net proceeds from disposal of subsidiaries - 3,673
Purchase of intangible assets (3,528) (2,511)
Purchase of property, plant and equipment (62,081) (52,103)
Proceeds from sale of property, plant and equipment 760 1,523
Proceeds from sale of non-current assets classified as held for sale 4,429 1,852
Restricted deposits released to cash 988 -
Net cash utilised in investing activities (60,496) (47,566)
Cash flows from financing activities
Issue of ordinary shares to equity shareholders 668 430
Purchase of treasury shares - (1,425)
Repayment of principal of leases (4,832) (5,932)
Repayment of borrowings (21,549) (27,049)
New borrowings drawn 1,008 1,152
Dividends paid to owners of the Parent (29,769) (27,842)
Net cash utilised in financing activities (54,474) (60,666)
Net decrease in cash and cash equivalents (24,208) (22,363)
Cash and cash equivalents at beginning of year 77,458 103,698
Exchange gain / (loss) on cash and cash equivalents 3,289 (3,877)
Cash and cash equivalents at end of year 56,539 77,458
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Group Statement of Changes in Equity for the 12 months ending 31 October
2025
Share Share Treasury Capital Other Translation Retained Total
earnings
Restated
capital premium shares Redemption reserves reserve
Restated
£'000
£'000
£'000
£'000
£'000
£'000 Reserve £'000
£'000
At 1 November 2023 1,891 11,083 (1,969) - 3,010 8,948 137,166 160,129
Profit for the period - - - - - - 52,949 52,949
Other comprehensive income / (expense):
Exchange differences - - - - - (4,839) - (4,839)
Translation reserve taken to income statement - - - - - 76 - 76
on disposal of subsidiaries
Remeasurement losses in defined benefit - - - - - - (520) (520)
pension scheme and other post-employment benefit obligations
Deferred tax on remeasurement losses - - - - - - 118 118
Total other comprehensive (expense) - - - - - (4,763) (402) (5,165)
Total comprehensive (expense) / income - - - - - (4,763) 52,547 47,784
Transactions with owners of the Parent:
Shares issued in the period 3 427 - - - - - 430
Purchase of treasury shares - - (1,425) - - - - (1,425)
Cancellation of treasury shares (12) - 3,394 12 - - (3,394) -
Share options - - - - 795 - - 795
Dividends - - - - - - (27,842) (27,842)
Total transactions with owners of the Parent (9) 427 1,969 12 795 - (31,236) (28,042)
At 31 October 2024 1,882 11,510 - 12 3,805 4,185 158,477 179,871
At 1 November 2024 1,882 11,510 - 12 3,805 4,185 158,477 179,871
Profit for the period - - - - - - 56,572 56,572
Other comprehensive income / (expense):
Exchange differences - - - - - 5,208 - 5,208
Remeasurement gains in defined benefit - - - - - - 66 66
pension scheme and other post-employment benefit obligations
Deferred tax on remeasurement gains - - - - - - (25) (25)
Total other comprehensive income - - - - - 5,208 41 5,249
Total comprehensive income - - - - - 5,208 56,613 61,821
Transactions with owners of the Parent:
Shares issued in the period 5 663 - - - - - 668
Share options - - - - 413 - - 413
Dividends - - - - - - (29,769) (29,769)
Total transactions with owners of the Parent 5 663 - - 413 - (29,769) (28,688)
At 31 October 2025 1,887 12,173 - 12 4,218 9,393 185,321 213,004
The accompanying notes form an integral part of these condensed consolidated
financial statements.
NOTES
1. General information
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.
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
coin-operated 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.
Abridged financial information
The financial information in this announcement, which was approved by the
Board of Directors, does not constitute the Company's statutory accounts for
the years ended 31 October 2025 or 31 October 2024. The financial information
for 2024 is derived from the statutory accounts for that year, which have been
delivered to the Registrar of Companies. The auditors have reported on those
accounts; their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain statements under s498(2) or (3)
Companies Act 2006.
The audit of the statutory accounts for the year ended 31 October 2025 is
complete. The Group and the Company financial statements of Me Group
International plc (the "Company") for the period ended 31 October 2025 were
authorised for issue by the Directors on 23 March 2026 and the statements of
financial position were signed by Mr Serge Crasnianski, Chief Executive
Officer and Sir John Lewis OBE, Non-executive Chairman.
2. Basis of preparation and accounting policies
This annual results announcement has been prepared in accordance with
UK-adopted international accounting standards ("IFRS") and in conformity with
the requirements of the Companies Act 2006.
Whilst the financial information included in this annual results announcement
has been prepared in accordance with IFRS, this announcement does not itself
contain sufficient information to comply with IFRS. This annual results
announcement constitutes a dissemination announcement in accordance with
Section 6.3 of the Disclosures and Transparency Rules (DTR).
Restatement of comparatives
The comparative figures for the year ending 31 October 2024 have been restated
to make reclassifications from cash and cash equivalents to trade and other
payables, correcting a prior period error (see note 8). As the impact on the
opening balances of the year ending 31 October 2024 was material, the opening
balance of cash and cash equivalents at 1 November 2023 has been restated in
the Group statement of cash flows.
3. Segmental analysis
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.
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.
The key segmental performance indicators considered by the CODM are revenue
and operating profit.
Segmental results are reported before intra-group transfer pricing charges.
The following tables provide analysis of performance by geographic segment:
Continental United Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2025 £'000 £'000 £'000 £'000 £'000
Photo.ME 107,925 15,132 43,154 - 166,211
Wash.ME 68,532 32,216 100 - 100,848
Print.ME 10,689 112 5 - 10,806
Other Vending (including Feed.ME) 2,244 1,922 5,934 - 10,100
Total vending revenue 189,390 49,382 49,193 - 287,965
Sales of equipment, spare parts, consumables 20,894 559 304 - 21,757
Sales of services 5,228 177 266 - 5,671
Total revenue 215,512 50,118 49,763 - 315,393
EBITDA 96,428 21,088 11,473 (8,554) 120,435
Depreciation and amortisation (28,838) (7,499) (4,830) (1,130) (42,297)
(Impairment) / reversal of impairment of non-current assets - - - - -
Operating profit / (loss) 67,590 13,589 6,643 (9,684) 78,138
Operating profit 78,138
Non operating income - net 2,211
Finance income 118
Finance costs (2,256)
Profit before tax 78,211
Tax (21,639)
Profit for the period 56,572
Capital expenditure (excluding Right of Use assets) 43,540 17,284 2,812 1,972 65,609
Non-current assets 132,683 41,781 21,860 4,552 200,876
Continental United Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2024 £'000 £'000 £'000 £'000 £'000
Photo.ME 111,646 19,288 42,296 - 173,230
Wash.ME 64,084 27,207 166 - 91,457
Print.ME 10,657 116 85 - 10,858
Other vending (including Feed.ME) 1,889 1,587 6,426 - 9,902
Total vending revenue 188,276 48,198 48,973 - 285,447
Sales of equipment, spare parts, consumables 17,406 841 378 - 18,625
Sales of services 3,305 150 360 - 3,815
Total revenue 208,987 49,188 49,711 - 307,886
EBITDA 94,490 19,205 10,979 (10,450) 114,224
Depreciation and amortisation (27,000) (6,482) (5,327) (392) (39,201)
(Impairment) / reversal of impairment of non-current assets 585 312 (1,530) - (633)
Operating profit / (loss) 68,075 13,035 4,122 (10,842) 74,390
Operating profit 74,390
Non operating income - net 982
Finance income 670
Finance costs (2,621)
Profit before tax 73,421
Tax (19,331)
Profit for the period 54,090
Capital expenditure (excluding Right of Use assets) 38,582 12,764 2,487 781 54,614
Non-current assets 108,727 32,265 23,667 1,511 166,170
The tables below provide additional analysis, showing the Group's results by
product segment:
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2025 £'000 £'000 £'000 £'000 £'000 £'000
Vending revenue 166,211 100,848 10,806 10,100 - 287,965
Sales of equipment, spare parts, consumables 1,598 11,042 217 8,900 - 21,757
Sales of services 798 532 48 4,293 - 5,671
Total revenue 168,607 112,422 11,071 23,293 - 315,393
EBITDA 59,275 55,525 6,211 7,978 (8,554) 120,435
Depreciation and amortisation (10,774) (22,330) (2,959) (5,104) (1,130) (42,297)
(Impairment) / reversal of impairment of non-current assets - - - - - -
Operating profit / (loss) 48,501 33,195 3,252 2,874 (9,684) 78,138
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2024 £'000 £'000 £'000 £'000 £'000 £'000
Vending revenue 173,230 91,457 10,858 9,902 - 285,447
Sales of equipment, spare parts, consumables 798 5,084 1,205 11,538 - 18,625
Sales of services 923 532 53 2,306 - 3,815
Total revenue 174,951 97,073 12,116 23,746 - 307,886
EBITDA 61,621 46,953 4,925 11,175 (10,450) 114,224
Depreciation and amortisation (10,922) (20,054) (2,762) (4,504) (959) (39,201)
(Impairment) / reversal of impairment of non-current assets 1,595 1,550 79 (3,885) 28 (633)
Operating profit / (loss) 52,294 28,449 2,242 2,786 (11,381) 74,390
The Parent Company is domiciled in the UK.
There were no major customers, defined as a single customer contributing at
least 10% of the Group's revenue, in the period ended 31 October 2025 (2024:
none).
4. Taxation expenses
Tax charges/(credits) in the statement of comprehensive income:
31 October 31 October
2025 2024
£'000 £'000
Taxation
Current taxation
UK Corporation tax
- current period 8,552 10,081
- prior periods 120 (156)
8,672 9,925
Overseas taxation
- current period 8,079 7,702
- prior periods 2,475 125
10,554 7,827
Total current taxation 19,226 17,752
Deferred taxation
Origination and reversal of temporary differences
- current period - UK 2,813 2,239
- current period - overseas (402) (803)
Adjustments in respect of prior periods - UK 2 143
Total deferred tax 2,413 1,579
Tax charge in the income statement 21,639 19,331
Tax relating to items charged/(credited) to other components of comprehensive
income
Corporation tax - -
Deferred tax 25 (118)
Tax charge in other comprehensive income 25 (118)
Total tax charge in the statement of comprehensive income 21,664 19,213
The Group tax charge of £21.6m (2024: £19.3m) corresponds to an effective
tax rate of 27.7% (2024: 26.3%). The increase in the effective tax rate is due
to provisions for tax reassessments in France.
The Group undertakes business in multiple tax jurisdictions.
5. Dividends paid and proposed
31 October 31 October
2025 2024
£'000 £'000
Declared and paid during the year
Interim dividend for 2024: 3.45p (2023: 2.97p) 12,998 11,202
Final dividend for 2024: 4.45p (2023: 4.42p) 16,771 16,640
29,769 27,842
Declared but paid after the year end
Interim dividend for 2025: 3.85p (2024: 3.45p) 14,542 12,998
14,542 12,998
Proposed for approval by shareholders at the AGM
(Not recognised as a liability at 31 October)
Final dividend for 2025: 4.79p (2024: 4.45p) 18,101 16,771
18,101 16,771
Declared and paid during the year
The Board approved an interim dividend of 3.45p per ordinary share for the
year ended 31 October 2024, at its 12 July 2024 meeting. The interim dividend
was paid on 29 November 2024.
The Board proposed a final dividend of 4.45p per ordinary share in respect of
the year ended 31 October 2024, which was approved by shareholders at the
Annual General Meeting held on 25 April 2025 and paid on 23 May 2025.
Declared but paid after the year end
The Board approved an interim dividend of 3.85p per ordinary share for the
year ended 31 October 2025, at its 21 July 2025 meeting. The interim dividend
was paid on 28 November 2025.
Proposed for approval by shareholders at the AGM
The Board proposed a final dividend of 4.79p per ordinary share in respect of
the year ended 31 October 2025. Subject to approval by shareholders at the
Annual General Meeting on 24 April 2026, the final dividend will be paid on 29
May 2026.
6. Earnings per share
Basic earnings per share amounts are calculated by dividing net earnings
attributable to shareholders of the Parent of £56,572,000 (2024:
£54,090,000) by the weighted average number of shares in issue during the
period.
Diluted earnings per share amounts are calculated by dividing the net earnings
attributable to shareholders of the Parent by the weighted average number of
shares outstanding during the period plus the weighted average number of
shares that would be issued on conversion of all the dilutive potential shares
into shares. The Group has only one category of dilutive potential shares
being share options granted to senior staff, including directors.
The earnings and weighted average number of shares used in the calculation are
set out in the table below:
31 October 2025 31 October 2024
Weighted Weighted
average Earnings average Earnings
number per share number per share
Earnings of shares pence Earnings of shares pence
£'000 '000 £'000 '000
Basic earnings per share 56,572 377,155 15.00 54,090 376,605 14.36
Effect of dilutive share options - 2,346 (0.09) - 2,566 (0.09)
Diluted earnings per share 56,572 379,501 14.91 54,090 379,171 14.27
7. Non-current assets: Goodwill, other intangibles and property, plant and
equipment
Goodwill Other Intangible Property, plant &
assets Equipment
£'000 £'000 £'000
Net book value at 31 October 2023 15,889 21,962 118,124
Exchange adjustment (512) (603) (3,856)
Additions - capitalised development costs - 1,839 -
Additions - software and other intangible assets - 672 -
Additions - photobooths and vending machines - - 45,878
Additions - property, plant, machinery and vehicles - - 6,225
Additions - right of use assets - - 4,237
Amortisation / depreciation - (5,084) (34,077)
(Impairment) / reversal of impairment (1,014) (1,287) 1,668
Disposal of subsidiary (3,357) (3,100) (118)
Disposals at net book value - (38) (1,749)
Net book value at 31 October 2024 11,006 14,362 136,332
Exchange adjustment 153 235 4,225
Additions - capitalised development costs - 1,992 -
Additions - software and other intangible assets - 1,536 -
Additions - photobooths & vending machines - - 52,976
Additions - property, plant, machinery and vehicles - - 9,105
Additions - right of use assets - - 6,009
Additions - new subsidaries - 2,675 506
Transfers - 2 (2)
Amortisation / Depreciation - (4,508) (37,791)
Disposals at net book value - (89) (1,854)
Net book value at 31 October 2025 11,159 16,205 169,506
8. Net cash
31 October 31 October
2025 2024
Restated
£'000 £'000
Cash and cash equivalents per statement of financial position 56,539 77,458
Non-current borrowings (12,422) (28,547)
Current borrowings (17,618) (19,398)
Net cash 26,499 29,513
Net cash is a non-GAAP measure since it is not defined in accordance with IFRS
but is a key indicator used by management in assessing operational performance
and financial position strength. The inclusion of items in net cash as defined
by the Group may not be comparable with other companies' measurement of net
cash/debt. The Group defines net cash as cash and cash equivalents less
current and non-current borrowings outstanding, excluding lease liabilities of
£13,002,000 (2024: £11,819,000).
Cash in hand includes an estimate for cash in transit at the year end of
£7,469,000 (2024: £8,306,000) reflecting cash that is held in the machines
at the year end.
Correction of prior period error - cash in transit
The opening balance of cash and cash equivalents at 1 November 2024 has been
restated by a reduction of £8,689,000 to correct an error in the prior year
financial statements. The adjustment is to correct an error in the calculation
of the value of cash in transit held in the Group's vending machines at the
reporting date. A corresponding adjustment has been made to decrease the
balance of trade and other payables by the same value.
The restatement is reflected in the group statement of financial position at
31 October 2024 as a decrease in cash and cash equivalents and a decrease in
trade and other payables.
As the impact on the prior period opening balances was material, the
comparatives at 1 November 2023 have also been restated. The balance of cash
and cash equivalents at 1 November 2023 has been reduced by £7,393,000 and
trade and other payables decreased by the same value.
The group statement of cashflows for the year ended 31 October 2024 has been
restated by decreasing the cash and cash equivalents at the beginning of the
year by £7,393,000, decreasing the cash generated from operations by
£1,296,000 (movement in trade and other payables) and decreasing the cash and
cash equivalents at the end of the year by £8,689,000.
This restatement had no impact on the group's total assets, total
shareholders' funds, statement of comprehensive income and earnings per share
for years ended 31 October 2025, 2024 or 2023.
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF FINANCIAL REPORT
The Directors of the Company are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for the
Group and the Company for each financial year. Under that law, the Directors
are required to prepare the Group financial statements in accordance with
UK-adopted international accounting standards and applicable law and have
elected to prepare the Company's financial statements on the same basis.
Under company law, the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Group and the Company and of their respective profit or loss
for that period. In preparing each of the Group and the Company's financial
statements, the Directors are required to:
■ Select suitable accounting policies and then apply them
consistently;
■ Make judgments and accounting estimates that are reasonable
and prudent;
■ State whether they have been prepared in accordance with
UK-adopted international accounting standards, subject to any material
departures disclosed and explained in the Group and Company financial
statements respectively; and
■ Prepare the financial statements on the going-concern basis
unless it is inappropriate to presume that the Group and the Parent Company
will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and the
Group and enable them to ensure that their financial statements and the
Directors' Remuneration Report comply with the Companies Act 2006 and as
regards the Group's financial statements, Article 4 of the IAS Regulation.
The Directors have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, Directors' Report, Directors' Remuneration
Report and Corporate Governance Statement that comply with that law and those
regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Responsibility Statement of the Directors in respect of the annual financial report
Each of the Directors of the Company, confirms that, to the best of his or her
knowledge:
■ The financial statements, which have been prepared in
accordance with UK-adopted international accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Company and the undertakings included in the consolidation taken as a
whole; and
■ The Strategic Report and Report of Directors in the Annual
Report include a fair review of the development and performance of the
business and the position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the principal
risks and uncertainties that they face.
Fair, balanced and understandable
In accordance with the principles of the UK Corporate Governance Code, the
Directors have arrangements in place to ensure that the information presented
in the Annual Report is fair, balanced and understandable.
The Board considers, on the advice of its Audit Committee, that the Annual
Report, taken as a whole, is fair, balanced and understandable, and provides
the information necessary for shareholders to assess the Company's and the
Group's position and performance, business model and strategy.
By order of the Board
Sir John Lewis OBE (Non-executive Chairman)
Serge Crasnianski (Chief Executive Officer and Deputy Chairman)
23 March 2026
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR SESEEEEMSEFD
Copyright 2019 Regulatory News Service, all rights reservedRecent news on ME International
See all newsREG - ME Group Intl. - Launch of Share Buyback Programme
AnnouncementRCS - ME Group Intl. - Notice of Investor Presentation
AnnouncementREG - ME Group Intl. - 2025 Annual Results
AnnouncementREG - ME Group Intl. - Update-delay in FY25 Audited Financial Statements
AnnouncementRCS - ME Group Intl. - Appointment of Chief Operating Officer
Announcement