ME Group International PLC on Wednesday said it performed in line with board expectations for its recently-ended financial year and expects to report ‘record profit’.

ME Group is an instant-service equipment company based in Birmingham, England.

ME Group said it expects pretax profit for the year ended October 31 to be no less than £73 million, up 10% from a year before.

Adjusted earnings before interest, tax, depreciation and amortisation are expected to be no less than £112 million, up 5% from a year before and up 9% excluding the impact from foreign exchange rates.

ME Group said annual revenue is not expected to be less than £308 million, up 3% from a year before and up 7% excluding foreign exchange.

ME Group attributed this to continued growth through the second-half of the year.

It noted record Wash.ME Revolution laundry operations, with laundry revenue rising 19% on-year.

The company installed 1,111 laundry machines during the period, slightly ahead of its target of 80–90 installations per month.

‘The Group’s photobooth operations were stable and performed as expected,’ it added.

Revenue there was up around 0.4%.

‘The group 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,’ ME Group said.

The company will release its annual results in mid-February.

ME Group shares were down 2.4% at 220.00 pence each in London on Wednesday.

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