Result of AGM05/06/2018
Interim Results 201804/09/2018
FILTA GROUP HOLDINGS PLC
(“Filta”, the “Company” or the “Group”)
Filta Group Holdings plc (AIM: FLTA), a provider of fryer management and other services to commercial kitchens, provides a trading update for the six months ended 30 June 2018 ahead of announcing its unaudited interim results on 4 September 2018.
Revenue and profit for the first half of 2018 are in line with management expectations.
The Group has enjoyed strong trading in the first half of the year, reflecting revenue growth from new franchisees added in the latter part of last year, further growth in our UK-based seals business and an increasing contribution from GMG, which was acquired in August 2017. That acquisition, and subsequent sale of our refrigeration business at the end of 2017, has led to higher overall gross margins and improved profitability.
The acquisition and integration of the master franchise in Germany has gone smoothly. We have added two new franchises in Europe and have a developing pipeline with which to build on in the second half of 2018.
We have gained 10 new franchisees in the first half of the year, and now have 422 mobile filtration units (“MFU’s”) in operation, up from 394 at the end of last year. The franchisee and MFU count are the drivers of our business, and together with the revenue growth that we are seeing in our Company-owned businesses, FiltaSeal and FiltaGMG, provide the confidence for further progress in the second half of the year and beyond.
Jason Sayers, Chief Executive Officer, commented:
“We have had a strong start to the year and have successfully completed a number of strategic initiatives, including the disposal of our lower margin refrigeration business, the integration of GMG and the changed structure of our European activities.
“We continue to seek growth opportunities through both acquisitions and the continued development of our existing businesses over the short, medium, and long term. “