23 Mar 2020 15:15
23 March 2020
Filta Group Holdings plc
("Filta", the "Company" or the "Group")
Trading Update and COVID-19 response
Filta Group Holdings PLC (AIM: FLTA), a provider of fryer management and other services to commercial kitchens, provides the following update on its trading and measures taken in response to the COVID-19 pandemic.
Filta's trading through February was in line with management's expectations, building on the cost savings and efficiencies introduced in 2019.
Beginning last week, we started to experience a slowdown in incoming order flow as a consequence of the spread of COVID-19, which will result in a reduction in our service volumes.
We have little visibility at this time as to how long the restrictions on the use of sporting venues, colleges, restaurants and other such customers will be in place or, indeed, how quickly consumers will return to normal habits following lifting of the restrictions. We have taken a number of steps to protect the Company and its staff, franchisees and customers during this time.
Specifically, we are working with our franchisees and our direct customers to help them through this difficult period. We have also taken steps to reduce our overheads by stopping all non-essential spend and reduced working hours and salary waivers with all staff.
Given the current need for prudent cash management, the Board will not be recommending the payment of a final dividend in respect of the year ended 31 December 2019.
We are confident that, taking account of our current cash and available resources, the actions that we have taken will protect our business for a period well in excess of that which the government and its medical advisers are indicating as the likely duration of the crisis. We will provide a further update when publishing our 2019 results next month and earlier if there are any significant changes in circumstances.
Our priority remains the health and wellbeing of our employees and customers and we are continuing to ensure that we have the appropriate measures and precautions in place for their safety.
This announcement contains inside information
For further information:
Filta Group Holdings plc Jason Sayers, Chief Executive Officer Brian Hogan, Chief Financial Officer
| +1 407 996 5550 |
Cenkos Securities Stephen Keys, Harry Hargreaves
| +44 20 7397 8900 |
Yellow Jersey PR Charles Goodwin Joe Burgess Henry Wilkinson
| +44 7747 788 221 |