Filta hails 'significant' progress amid encouraging start in Europe, strength in North America

Fryer management provider Filta Group on Thursday said 2018 marked a year of 'significant' of progress helped by booming business in North America and an encouraging start to trading in Europe.

The group said it expected to report revenue for 2018, in excess of £14m, up about £2.5m from the prior year.

Gross margins were also expected to improve to approximately 50% across the group, with earnings (EBITDA) and net profit estimated in line with expectations.

The new year was off to good start, the company said, with a strong pipeline of prospective franchisees, increasing repeat business levels in the company-owned activities. While the acquisition of Watbio in December 2017, had strengthened the group's significant presence in the fats, oils and grease market.

The acquisition of Watbio was expected to add over £10m of revenues to the group, the company said.

'2018 was a year of significant progress for the Group. Following the acquisition of FiltaGMG in August 2017, we are pleased to report that business has been fully integrated into our Company-owned activities,' said Jason Sayers, Chief Executive Officer.

'Our move into Europe has been very encouraging with 8 new franchises sold, and the North American business continues to attract high levels of interest.'

At 10:29am: (LON:FLTA) Filta Group Holdings Plc share price was 0p at 231p