MEGroup International plc
Annual Report 2023
The next
generation
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Who we are
We are an international market leader in
automated instant-service equipment with
operations across 18countries.
What we do
We operate, sell and service a wide range of
instant-vending equipment primarily aimed
at theconsumermarket, with technological
innovation at its core.
Our purpose
Inventing eco-responsible local services that
makeeveryday life easier.
Our Vision
To be the market leader and go-to instant-service
technology provider across all of our key markets,
andto contribute positively and responsibly to our
localities, communities and the environment.
Our Mission
To enhance our ability to service the needs of
consumers’ everyday lives across multiple different
touch-points through innovative products and
digital transformation.
Our Values
Supported by the strength of our people, a strong
cohesion between teams, and
social commitment,
our aim is to meet end-consumer needs in terms
of efficiency and reliability as well as to provide site
owners with the services they need to make their
sites attractive.
Contents
Strategic report
Business at a Glance 4
Our business model 6
Growth strategy in action 8
Our business 10
Chairman’s statement 18
Chief Executive’s report 22
Innovation and diversification 30
Review of performance bygeography 32
Section 172(1) statement 34
Principal risks 38
Sustainability at MEGroup 42
Specific sustainability metricsand reporting 52
Viability statement 66
CorporateGovernance
Board of Directors and Company Secretary 70
Report of Directors 72
Corporate governance 78
Statement of Directors’ Responsibilities 88
Directors’ RemunerationReport 90
Remuneration PolicyReport 94
Annual report on Remuneration 100
FinancialStatements
Independent auditor’s report to themembers of
ME Group International plc 110
Group Statement of Comprehensive Income 118
Group Statement of Financial Position 119
Company Statement of Financial Position 120
Group Statement of Cash Flows 121
Company Statement of Cash Flows 122
Group Statement of Changes in Equity 123
Company Statement of Changes in Equity 124
Notes to the Financial Statements 125
Company Information & Advisers 188
Shareholder Information 189
Summary of 2023
Highlights
A year of record financial
performance
Next-generation
photobooth rollout
underway, modernising
and digitalising
photobooth estate
Market leader in Japan,
following photobooth
acquisition
Creation of further
shareholder value
through dividends and
share buyback
programme
Continued expansion
oflaundry operations
Return to the FTSE 250
Index on the London
Stock Exchange
1
EBITDA is profit before depreciation, amortisation, other net gains / (losses) and finance cost and income.
2
Net cash excludes investments in convertible bonds (£4.7m) and lease liabilities (£13.3 million). See note 20 for details of net cash.
3
Interim Dividend paid on 23 November 2023 (£11.2 million). Recommended Final Dividend will be paid on 23 May 2024, subject to approval
at the AGM.
4
The total dividend per ordinary share of 12.70p in respect of FY 2022 included special dividends totalling 7.10p per share (£26.8 million).
5
2022 cash generated from operations has been restated by +£3.8m due to a reclassification from debtors to intangibles assets. See note 11
for details.
REVENUE
GROSS CASH
EBITDA
1
NET CASH
2
PROFIT BEFORE TAX
TOTAL DIVIDENDS PER ORDINARY SHARE
3/4
Key financials
for the 12 months ended 31 October 2023
2023: £297.7m 2023: £111.1m
2022: £259.8m
2022: £136.2m
2023: £106.6m 2023: £33.9m
2022: £92.2m 2022: £34.0m
2023: £67.1m
2022: £53.4m
EARNINGS PER SHARE
2
2023: 13.31p
2022: 10.23p
2023: 7.39p
CASH GENERATED FROM OPERATIONS
5
2023: £104.7m
2022: £91.7m
2022
4
: 12.7p
MEGroup plc Annual Report 2023
1