Filta Group Holdings PLC AGM Statement (8871B)
June 12 2019 - 2:00AM
UK Regulatory
TIDMFLTA
RNS Number : 8871B
Filta Group Holdings PLC
12 June 2019
12 June 2019
Filta Group Holdings plc
("Filta" the "Company" or the "Group")
AGM Statement
Filta Group Holdings plc (AIM: FLTA), a provider of fryer
management, grease management and other services to commercial
kitchens, will make the following statement regarding current
trading at its Annual General Meeting to be held at 11.00 a.m.
today:
"As reported in the statement accompanying the 2018 results, our
focus has been the integration of Watbio into our existing UK
activities during the first half of 2019. Over the course of the
last 5 months we have brought the activities of Filta and Watbio
together to two main locations only 25 miles apart, Rugby and
Stratford-on-Avon, have rationalised the UK management structure,
have begun to reposition Watbio towards higher margin service
offerings and have introduced new scheduling software to both
Watbio and our other UK Company-owned businesses. Whilst there is
still some work to be completed, we are already beginning to see
operational synergies and improved customer servicing. We expect to
see the full benefits of these investments in the second half of
the year through increased revenues and improved margins.
During this period of integration, the combined Watbio and GMG
revenues have been similar to what they achieved in the same period
of the previous year, and those of FiltaSeal are up by 18%.
In North America, FiltaFry has achieved double digit growth in
royalty and national account income, driven by the enlarged fleet
of MFUs, which has increased by 14 in the first 5 months of the
year, taking the total to 406 (366 at 31 May 2018). Additionally,
revenues from FiltaBio in the 5 months to 31 May 2019 are up by 34%
on the same period last year. Our focus in North America continues
to be on improving the quality and ambitions of our franchisees, by
encouraging our existing franchisees to broaden their territories
and to increase the size of their MFU fleets, as well as by using
all efforts and incentives to attract the best quality of new
franchisees.
We have also seen continued progress in Europe, with a further 5
franchisees and 5 MFUs added in the current year already, taking us
to 17 franchisees and 20 MFUs across 4 different countries. Having
invested in additional resources to support this growth, we expect
that our European business will be trading profitably on a monthly
basis by the end of the year.
As a result of the revenue and margin improvements targeted
through the integration of Watbio, we expect that revenue and
profits will be skewed slightly more than is usual towards the
second half, and that the out-turn for the full year will be in
line with market expectations."
For further information:
Filta Group Holdings plc +1 407 996 5550
Jason Sayers, Chief Executive
Brian Hogan, Finance Director
Cenkos Securities (NOMAD and broker) +44 (0)20 7397 8900
Stephen Keys
Harry Hargreaves
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END
AGMSFDESFFUSEEM
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