Allenby Capital: Franchise Brands - Finals

Once again, Franchise Brands delivered solid results in market conditions that have tested management at all levels. We are pleased to say that those challenges were met, with the result being another record year for system sales, EBITDA, PBT and EPS. At the same time the Group has generated strong cash flows, reduced net debt, increased the total dividend for the year and bought back £2.0m of shares. We make no changes to our expectations for FY26 and introduce forecasts for FY27. We expect both years to continue the growth trajectory established from the date of flotation in 2016. In our opinion, the Group remains exceptionally well placed to benefit strongly from any upturn in its markets.