(Sharecast News) - Commercial kitchen solutions provider Filta Group said on Tuesday that it had continued to experience "an increasing level of demand" for its services across all territories and also highlighted "a clear link" to the success of Covid-19 vaccine rollouts and the phased exit of lockdowns.
Filta stated that in the US, the hospitality and leisure sectors were "reopening quicker than previously anticipated", with its franchisees delivering a record $4.6m worth of network revenues in April, up from $3.1m in January and significantly higher than seen in April 2019.
Turning to the UK, Filta said the reopening of the leisure and hospitality sector, which had been "more cautious than in the US" but added it was "now gathering momentum".
The AIM-listed company also stated its decision to focus on supermarkets and fast food chains had been "a major factor in driving revenues" as hospitality venues remain closed, resulting in an increase in equipment installations and "a robust sales pipeline".
As far as Europe was concerned, although the vaccine rollout had been "slower", Filta said the hospitality and leisure sectors were now beginning to reopen, having installed several new Cyclone grease interceptors over the past month, marking the introduction of its FOG business into mainland Europe.
Chief executive Jason Sayers said: "The success of the vaccine rollouts is certainly helping to drive the reopening of our markets and to instil greater confidence in the restaurant and hospitality sector.
"With a majority of our largest customers expected to have reopened during the third quarter, we expect further revenue growth in the second half of the year."
As of 0930 BST, Filta shares were up 5.50% at 163.0p.
9 Mar 2022 14:36
IN BRIEF: Filta to be delisted as Franchise Brands takeover completes
Filta Group Holdings PLC - Rugby, England-based provider of cooking oil filtration and fryer management services - Franchise Brands PLC says acceptances of its takeover offer remain at 82%. The all-share deal, which values Filta around GBP50 million, was agreed last month. Filta share holders will receive 1.157 Franchise Brands shares for each Filta share, worth 170.7 pence at the time the offer was made. The offer remains open until April 19, but the acceptance condition of 75% already had been met when the deal was first announced. Franchise Brands says Filta shares will be cancelled from AIM on March 24, while 27.7 million new Franchise Brands shares issued to Filta shareholders will start trading on AIM this Thursday.
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