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AGM Statement

14 Jul 2020 07:00

RNS Number : 8787S
Filta Group Holdings PLC
14 July 2020
 

14 July 2020

 

Filta Group Holdings plc

("Filta" the "Company" or the "Group")

 

AGM Statement

 

Filta Group Holdings plc (AIM: FLTA), a provider of fryer management and other services to commercial kitchens, provides the following trading update ahead of its Annual General Meeting to be held at 11.00 a.m. today:

 

"Since our preliminary announcement of results on 28 May 2020, our focus has been on preserving cash and preparing for the easing of social distancing restrictions. As expected, our core services operated at well below full capacity through May and June in the UK and, whilst there has been a considerable variation in activity levels amongst our US franchisees, according to the profile of their underlying customers, the overall activity level in the US was similarly reduced until restrictions were eased in mid-June. Nonetheless the Group has seen gradual monthly improvements with May turnover some 14% up on April and June a further 38% up on May.

 

"In our previous announcement, we referred to the launch in May of our sanitisation and protect service, FiltaShield. Whilst it is early in its lifecycle, and with demand strongly influenced by the timing of reopenings, we have been pleased with the interest we have received from both businesses in the food and beverage sector and from others unconnected with that sector but where the welfare of people, in large or close gatherings, is of paramount importance. In the week commencing 6 July 2020, FiltaShield generated c.£50k in revenue and, with the number and value of customer quotations continuing to increase, we are optimistic that, as our markets in the US and UK continue to reopen over the coming weeks and months, we will see an increasing contribution from that service.

 

"We are pleased to report that the Group continues to maintain a strong cash position. Indeed, since the beginning of the year, the Company has been cash generative and we held gross cash at the end of May of £3.6m (£2.9m at 31 December 2019), with net debt being £1.4m (£2.1m at 31 December 2019). This has been achieved through diligent cash flow management and the utilisation of available government support schemes. Additionally, the Group received proceeds of £1.2m from the Coronavirus Business Interruption Loan Scheme ("CBILS") on 10 July, further strengthening our cash position. We continue to work proactively on protecting profit and conserving cash and are actively managing costs as we ramp up the business to meet increasing demand.

 

"We are mindful that the Coronavirus pandemic remains highly unpredictable and will undoubtedly lead to some level of continued disruption to trading in the coming months. However, the mitigating steps that we have taken leave us well placed to weather these unprecedented trading conditions. Whilst It still remains too early to provide full year guidance, the trend remains positive with progress being achieved in all of our operating regions and, barring a major second wave of the pandemic, we anticipate the revenue trend seen in late Q2 to continue into Q3."

 

 

This announcement contains inside information.

 

 

 

 

 

 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 20 7397 8900

Stephen Keys, Harry Hargreaves

 

 

 

Yellow Jersey PR +44 7747 788 221

Charles Goodwin

Joe Burgess

Henry Wilkinson

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.
 
END
 
 
AGMSFAFWDESSEIW
Date   Source Headline
9th Sep 20197:00 amRNSInterim Results
23rd Aug 20193:00 pmRNSNotice of Results
28th Jun 20197:00 amRNSDirector/PDMR Shareholding
27th Jun 20191:41 pmRNSIssue of Equity
25th Jun 20194:17 pmRNSIssue of Equity
12th Jun 20191:23 pmRNSResult of AGM
12th Jun 20197:00 amRNSAGM Statement
28th May 20194:50 pmRNSIssue of Equity
16th May 20195:27 pmRNSDirector/PDMR Shareholding
8th May 20196:05 pmRNSPosting of Annual Report and Notice of AGM
29th Apr 20194:49 pmRNSHolding(s) in Company
15th Apr 201912:30 pmEQSHardman & Co Research: Filta Group (FLTA): Strong and transformative year in 2018
15th Apr 20197:00 amRNSFinal Results
3rd Apr 201911:11 amEQSHardman & Co Research: Filta Group (FLTA) Initiation: Cleaning up in commercial catering
25th Mar 20195:11 pmRNSHolding(s) in Company
21st Mar 20198:30 amRNSCompletion of Acquisition & Total Voting Rights
18th Feb 20197:00 amRNSAppointment of Non-Executive Director
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1st Feb 20197:00 amRNSIssue of Equity & Director/PDMR Shareholding
25th Jan 20193:40 pmRNSAwards of share options & appreciation rights
21st Dec 20185:15 pmRNSHolding(s) in Company
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19th Dec 20181:00 pmRNSAcquisition of Watbio Holdings Limited
13th Dec 201811:19 amRNSHolding(s) in Company
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4th Sep 20187:00 amRNSInterim Results
10th Aug 20187:00 amRNSPre-Close Trading Update
5th Jun 201812:11 pmRNSResult of AGM
5th Jun 20187:00 amRNSTrading Update
11th May 20187:00 amRNSPosting of AR&A, AGM notice & Dividend Declaration
17th Apr 20187:00 amRNSFinal Results
7th Feb 20187:00 amRNSPre-Close Trading Update
31st Jan 20187:00 amRNSPurchase of FiltaFry Deutschland GmbH
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22nd Aug 20177:00 amRNSAcquisition of Grease Management Ltd
7th Aug 20177:00 amRNSTrading update
1st Jun 201711:21 amRNSResult of AGM
1st Jun 20177:00 amRNSTrading Update
8th May 201711:40 amRNSAwards of options and share appreciation rights
8th May 201711:36 amRNSPosting of Accounts,AGM notice and Maiden Dividend
3rd Apr 20177:00 amRNSPreliminary Results
10th Mar 20177:00 amRNSNotice of Results
19th Jan 20177:00 amRNSReduction of Capital
4th Jan 20175:25 pmRNSDirector/PDMR Shareholding
4th Nov 20167:00 amRNSAdmission and First Day of Dealings

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