Filta Group Holdings PLC AGM Statement (8787S)
14 Luglio 2020 - 8:00AM
UK Regulatory
TIDMFLTA
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.GBP50k 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 GBP3.6m (GBP2.9m at 31 December 2019), with net debt
being GBP1.4m (GBP2.1m 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 GBP1.2m 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
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END
AGMSFAFWDESSEIW
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