Source: Sharecast
The company, which primarily operates self-service laundry machines and photo booths, reported a profit before tax (PBT) of £73.4m for the 12 months to 31 October, up from £67.1m the year before. However, if currency movements are excluded, then profits would have been slightly higher at £74.1m.
Revenues were up 3.4% at £307.9m, mainly driven by the expansion of laundry services across key geographies, with Wash.ME Revolution laundry vending revenues up 19.1% at £90.6m. Revenues from the Photo.ME division were just 0.4% higher at £173.2m,
Excluding FX changes, group revenues would have been 6.8% higher.
The smaller divisions of printing kiosks and 'other vending' (which includes snacks, amusements and photocopying) – which combined make up less than 7% of group revenues – saw revenues fell 3.5% and and 7.5% respectively.
Looking ahead, chief executive and deputy chair Serge Crasnianski said: "The board remains confident in the group's growth strategy and strong financial position, which provide a platform for future growth opportunities."
The company declared a final dividend of 4.45p per share, up marginally from 4.42p paid out a year earlier, taking its total payout for the year to 7.90p, up from 7.39p previously.
"While FX headwinds (mainly relating to the Japanese yen and its Photo.ME segment) slightly burdened its top line, higher growth in its higher-margin Wash.ME division helped its profitability expand and its PBT grow - the latter marking an impressive fourth year of underlying double-digit growth," said analyst Alex Smith from Berenberg.
