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Franchise Brands has provided an update on its Q1 performance. The Group achieved another record result with all B2B brands returning to growth, highlighting strong performances by Filta in the US and some early signs of recovery for Pirtek in Europe. We make no changes to our forecasts and geopolitical events aside, expect to see an improvement in the share price through 2026 based on good news flow and further deleveraging which could be accelerated by the disposal of non-core assets.
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