The Me Group Internation Board has recommended a final dividend for 2024 of 4.45 pence per Ordinary share ("Final Dividend") amounting to £16.8 million. Together with the Interim Dividend, this brings the total dividend for FY 2024 to 7.90 pence per Ordinary share (£29.8 million), an increase of 6.8% and representing 55.3% of the Group's earnings per share for FY24.
Subject to approval at the Company's annual general meeting on 25 April 2025, the Final Dividend will be paid on 23 May 2025 to shareholders on the register at close of business on 25 April 2025. The ex-dividend date will be 24 April 2025.
Other financial highlights include:
Group revenue increased by 3.4% to £307.9 million (2023: £297.7 million), largely driven by the expansion of laundry services. Excluding FX impact revenue was up 6.8% excluding FX impact
Wash.ME Revolution laundry vending revenue increased by 19.1% to £90.6 million (2023: £76.1 million) with a record 1,168 number of Revolution laundry machines installed during the year. Excluding FX impact up 21.2%
The total number of Revolution machines increased 16.3% to 6,433, in line with our target rate of 80-90 installations each month
Photo.ME remained a stable business for the Group, with vending revenue up 0.4% at £173.2 million (2023: £172.5 million). Excluding FX impact it was up 4.4%
Group EBITDA increased by 7.1% to £114.2 million (2023: £106.6million). Excluding FX impact it was up 10.2%.
Group EBITDA margins expanded to 37.1% (2023: 35.8%), which reflected the continued expansion of Revolution laundry machines and margin improvements
Wash.ME EBITDA margin expanding to 51.4% (2023: 51.1%)
Record profit before tax at £73.4 million (2023: £67.1 million), up 9.4%. Excluding FX impact up 10.4%.
Profit before tax margin expanded to 23.8% (2023: 22.5%), which reflected the Group's continued focus on delivering high-quality and profitable growth
Profit before tax remains the key financial metric for the Group
The Group remains highly cash generative, with cash generated from operations at £107.4 million (2023: £109.9 million), whilst net cash was up 12.7% at £38.2 million (2023: £33.9 million). Excluding FX impact it was up 23.3%
