Filta Group Holdings PLC Trading Update (0859B)
08 Giugno 2021 - 8:00AM
UK Regulatory
TIDMFLTA
RNS Number : 0859B
Filta Group Holdings PLC
08 June 2021
8 June 2021
Filta Group Holdings plc
("Filta", the "Company" or the "Group")
Trading Update
Filta Group Holdings PLC (AIM: FLTA), a provider of fryer
management and other services to commercial kitchens, provides the
following update on its trading.
The Company is pleased to report that it continues to experience
an increasing level of demand for its services in all of its
operating territories, with a clear link to the success of the
vaccine rollouts and exiting of lockdown phases.
In the US, the hospitality and leisure sectors are reopening
quicker than previously anticipated, with Filta's franchisees
delivering a record $4.6m of network revenue in April, up from
$3.1m in January and well ahead of April 2019 ($4.3m), when $52m
was achieved in the full year.
A number of Filta's larger customers, particularly sports stadia
and universities, have opened slightly earlier than expected, with
the majority of the remainder scheduled to reopen during the third
quarter. As the larger customers continue to reopen, Filta expects
the franchisee monthly network revenue to rise further. The network
revenue performance is being reflected in continued growth in
Filta's own US revenues.
In the UK, the reopening of the leisure and hospitality sector
has been more cautious than in the US but is now gathering
momentum. The Company's decision to focus on supermarkets and fast
food chains has been a major factor in driving revenues whilst the
hospitality venues have been closed, resulting in an increase in
equipment installations and a robust sales pipeline, as our
recently launched Cyclone grease interceptor becomes recognised as
the "best of breed". In line with Filta's shift to a more
capital-light model for the provision of its services, much of the
Fat, Oil and Grease ("FOG") service work in the UK is now being
performed by franchisees rather than by directly employed
technicians.
In Europe, although the vaccine rollout has been slower, the
hospitality and leisure sectors are now beginning to reopen. In the
past month alone, Filta has installed several new Cyclone grease
interceptors, marking the introduction of Filta's FOG business into
mainland Europe. Whilst currently representing less than 2% of
Group revenue, we see great opportunity for growth in Europe, and
the Company believes it is in the process of developing a strong
platform from which it can generate growth.
Filta continues to engage proactively with private investors and
is participating in a number of investor-facing events in the
coming months, including Cenkos and Proactive Investors' Virtual
Growth & Innovation Forum at 13:30 on Tuesday, 08 June 2021. To
register for the event, please visit the following link:
https://event.webinarjam.com/register/1097/yyy0gsq4r .
The Group hopes that both existing and prospective investors
will take the opportunity to learn more about Filta at this and
other upcoming events.
CEO of Filta Group, Jason Sayers, said: "The success of the
vaccine rollouts is certainly helping to drive the reopening of our
markets and to instil greater confidence in the restaurant and
hospitality sector. In the US, our revenue run-rate is now ahead of
pre-Covid levels and we were delighted to deliver record network
revenue in April. With a majority of our largest customers expected
to have reopened during the third quarter, we expect further
revenue growth in the second half of the year."
Contacts:
Filta Group Holdings plc
Jason Sayers, Chief Executive
Officer
Brian Hogan, Chief Financial
Officer +1 407 996 5550
Cenkos Securities
Stephen Keys, Camilla Hume +44 20 7397 8900
Yellow Jersey PR
Charles Goodwin
Joe Burgess
Henry Wilkinson +44 7747 788 221
About Filta Group
Filta Group is a market-leading, commercial kitchen services
business, servicing restaurants, supermarkets, stadiums,
healthcare, education, hotels and amusement parks. Trusted by many
global brands, we specialise in Fryer Management and Grease &
Drain Management, servicing businesses that require regular
maintenance. For more information visit our website:
https://filtaplc.com .
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