Filta Group Holdings PLC Pre-Close Trading Update (9776D)
07 February 2018 - 6:00PM
UK Regulatory
TIDMFLTA
RNS Number : 9776D
Filta Group Holdings PLC
07 February 2018
7 February 2018
Filta Group Holdings plc
("Filta", the "Company" or the "Group")
PRE-CLOSE TRADING UPDATE
Filta Group Holdings plc (AIM: FLTA), a provider of fryer
management and other services to commercial kitchens, provides its
trading update (unaudited) for the financial year ended 31 December
2017.
The Group's revenue was in excess of GBP13.25m, up over 30% on
the prior year (FY 16: GBP10.1m), albeit at a slightly reduced
gross margin owing to a change in revenue mix. The increased
revenue has allowed us to deliver a profit in line with market
expectations, despite increased overheads as we invested in people
and systems to support our future growth. Strong organic growth has
remained a feature of the Group's performance in both our US and UK
businesses. Moreover, following the sale of our lower margin
Refrigeration business, we anticipate a return to overall higher
margins in the year ahead. The US growth was driven by an increase
in the number of franchises and Mobile Filtration Units ("MFU's")
being utilized in the market, while the UK growth was a result of
strong performance in the Group's FiltaSeal business, supplemented
by the acquisition of Grease Management Ltd ("FiltaGMG") in August
2017.
Despite a weakening USD, which impacted US revenues modestly in
the second half, Deferred Revenue has risen, year on year, by a
further c. GBP0.2m (c. GBP0.5m on a constant currency basis).
The Directors have also noted the enactment of the Tax Cuts and
Jobs Act in the United States, which reduced the corporate tax rate
to 21%. The Company expects to give updated guidance on the impact
of these provisions together with our final results later this
year.
Jason Sayers, Chief Executive Officer, commented:
"We had a record year with each of our core service offerings
delivering double digit revenue growth. Further, our MFU count rose
15% to 392 at year end. In parallel, our acquisition of Filta GMG
and expansion of Filta's fryer management franchise business in
Europe supports our strategy of making investments that strengthen
our product offerings and expand our customer base. As a result, I
believe we are well positioned to grow the Group over the long
term."
Our objective remains growth through both acquisitive and
organic means over the short, medium, and long term. Our initial
success with this in 2017 has set the Group up well for the future.
Consequently, the Board anticipates that 2018 will be another year
in which Filta delivers a strong financial performance.
The Group expects to report its 2017 results on 17 April
2018.
For further information:
Filta Group Holdings plc +1 407 996 5550
Jason Sayers, Chief Executive
Brian Hogan, Finance Director
Cenkos Securities (NOMAD and broker) 020 7397 8900
Bobbie Hilliam
This information is provided by RNS
The company news service from the London Stock Exchange
END
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