Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta

Email Facebook Twitter

TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake Watch Now

TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake
Exclusive: Hardman & Co Investor Forum - Severn Trent, Calculus Capital, Volta Finance, Residential

Regulatory News

AGM Statement

Wed, 12th Jun 2019 07:00

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Related Shares:

Back to Regulatory News

Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.