FY 2019 results are line with our revised expectations, save for a higher net cash balance (£16m) due to lower capital expenditure and cash tax. Free cash flow covered the dividend cost for the first time since FY 2016 and management has highlighted its intention to again hold the FY 2020 dividend. As previously highlighted, the UK suffered from Brexit-related uncertainty and weaker consumer demand. We have downgraded our EPS forecasts by 5%, assuming difficult UK conditions continue. R
18 Jul 2019
Photo-Me - Laundry remains the core growth driver
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Photo-Me - Laundry remains the core growth driver
ME Group International plc (MEGP:LON) | 169 -0.7 (-0.2%) | Mkt Cap: 635.2m
- Published:
18 Jul 2019 -
Author:
Guy Hewett -
Pages:
12
FY 2019 results are line with our revised expectations, save for a higher net cash balance (£16m) due to lower capital expenditure and cash tax. Free cash flow covered the dividend cost for the first time since FY 2016 and management has highlighted its intention to again hold the FY 2020 dividend. As previously highlighted, the UK suffered from Brexit-related uncertainty and weaker consumer demand. We have downgraded our EPS forecasts by 5%, assuming difficult UK conditions continue. R