ME Group International PLC on Monday said half-year profit growth reflected strategic progress in its core automated photobooth and laundry operations.

The Epsom, England-based vending machine operator, formerly known as Photo-Me International, said pretax profit jumped 10% to £30.0 million in the six months ended April 30 from £27.2 million a year prior.

Revenue climbed 4.6% to £150.4 million from £143.8 million.

ME Group declared an interim dividend of 3.45p, up 16% from 2.97p a year ago.

Looking ahead, the company said the second financial half has started strongly as it noted continued positive trading momentum across its operations.

ME Group anticipates ‘another year of record profitability’ in the current financial year 2024, in line with current market expectations.

Chief Executive Officer Serge Crasnianski said: ‘The group continues to focus on profitability, returns and cash generation, with these metrics being the key performance indicators for the group. The group is on track to deliver another record year across these financial metrics, including the number of machines deployed.’

He added: ‘Through our continued focus on research & development and technological innovation, the group remains focused on prudently exploring new and exciting opportunities within the automated self-service instant machine category to further diversify our portfolio, including the planned launch of new machines offering a broader range of services for our consumers.’

ME Group shares were up 0.6% to 182.91 pence each on Monday morning in London.

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