Given MEGP's planned 2025 increase in launderettes and photo booths, I would be interested to hear an explanation as to why estimated profit growth is relatively minimal |
Positive results, which are completely in line with last Decembers year end trading update. There will always be some profit takers in these situations and the shareprice will subsequently settle. |
Felt that would happen. Down 4 percent. |
Thanks John |
They have got rid of pizza business |
I noticed no mention of pizza business and wondered if this had gone.
Photo Booth a bit flat, but they seem to be focussing on wash me which is doing well.
Solid results but I wonder how the market will react |
Great results Just wondering about key me...I can't see that's a big market and maybe another waste of money....pleased pizza business gone |
Would hope PBT forecast for next year could be beaten |
Very solid results. Outlook for 25/26 is another 10% growth - the Board anticipates profit before tax to be between £76 million and £80 million |
 Audited annual results for the 12 months ended 31 October 2024
Another record year of profitability, with continued margin expansion
and execution of the Wash.ME growth strategy
SUMMARY OF 2024
· Another record year of profitability
· Rapid expansion of laundry operations across key geographies
· Record pipeline of machine installations with key strategic partners
· Innovation strategy through the launch of a new automated cutting service, Kee.ME
· Strong cash generation through operations
· Return of cash to shareholders with 6.8% increase in total dividend
FINANCIAL HIGHLIGHTS
· Group revenue increased by 3.4% to £307.9 million (2023: £297.7 million), largely driven by the expansion of laundry services. Excluding FX impact4 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 impact4 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 impact4 it was up 4.4%
· Group EBITDA increased by 7.1% to £114.2 million (2023: £106.6million). Excluding FX impact4 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 £73.4m (2023: £67.1m), up 9.4%. Excluding FX impact4 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 impact4 it was up 23.3%
· Total dividend up 6.8% at 7.90 pence per Ordinary Share (Interim dividend of 3.45 pence and proposed final dividend of 4.45 pence per Ordinary Share)
Serge Crasnianski, CEO & Deputy Chairman, commented: "I am pleased to report a year of strong strategic progress with record profitability for the Group. We have continued to deliver on our long-term strategy of expanding our laundry business across new and existing geographies, which is a key focus for the Group, as well as upgrading our well-established estate of photobooths. Innovation and diversification are core to the Group and this underpins our approach to meeting the needs of our consumers in each of the jurisdictions we operate in. During the year we launched Kee.ME, our new automated key-cutting service, which further evidences our ability to develop and deploy new services in response to identifying market opportunities. The Board remains confident in the Group's growth strategy and strong financial position, which provide a platform for future growth opportunities." |
the FY25 forecasts have not changed for a year on Stockopedia. Now they are 4 months into the year I am looking for an update there (hopefully positive). FY24 results were well trailed in the December update. |
Finals tomorrow, any thoughts? |
Traders banking profits |
Results a way off yet John? |
Unless, the outlook statement is very positive |
Only issue is its run up a lot, could be sold off on results day |
Has been looking strong over the last month. Up 20%
The Morrisons Revolution laundry at Cribbs causeway, Bristol always seems to be busy |
Approaching the ATH close of 229.5p back in November !😊 |
Ticking up nicely, looks like a seller selling into the rise but matched by buyers. |
It’s running ! |
I'd expect a run up of the share price from now to 24th Feb results presentation. Possibly a new high on the way? |
They have doubled in a year (just about) and had a pull back at the same time the wider market did. It's all about context.The news from Morrisons partnership is particularly encouraging for growth and earnings. |
Not sure I should copy the whole article. It's basically a follow-up on their 'compelling investment opportunity in February 2024'
The final summary is below:
WHAT SHOULD INVESTORS DO NOW?
The business continues its growth momentum which we believe is not reflected
in the low-teens PE (price to earnings) ratio of the shares, providing
scope for a rerating. The shares have dropped back by around 16% since
November 2024, giving investors another bite at the cherry |
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