Filta Group Holdings, a provider of fryer management and other services to commercial kitchens, has revealed a positive set of financial results for the first half of this year.
In the 6 months ended 30 June 2021 the company increased like for like revenue by 17% to £9.7m, with the same period in 2020 garnering £8.3m, while the second half of that year brought in £8.1m.
Gross profit was also up, in line with increased trading levels, at £3.9m (H1 2020: £3.4m, H2 2020: £3.5m).
The firm reported this strong performance through H1, despite ongoing lockdowns, with Q2 revenues and gross profit growing 29% and 25%, respectively, versus Q1.
Filta made eight new franchise sales in the period, including a first in France, and seven franchise resales as the company continues to upgrade its network to underpin future growth.
13 new mobile filtration unit sales were reported to be the principal driver of fryer management recurring revenue, added in the period and in line with pre Covid-19 demand.
Filta also said the new Cyclone Grease Recovery Unit, introduced to the market in Q4 2020, has gained significant traction, resulting in 60% quarter-on-quarter revenue growth in H1.
The company believes that initiatives to drive innovation, efficiency and sustainability are accelerating the momentum of the business.
Jason Sayers, CEO of Filta, commented: “We delivered strong performance for the first half of the year, with underlying market fundamentals continuing to improve in our primary markets of North America, the UK and mainland Europe.
“In the US, we have seen impressive growth, while our larger customers, which include sports stadia and universities, remain on track to fully reopen during the third quarter of the year. The UK market has benefitted from the relaxation of restrictions and we have worked hard to develop new business opportunities in Europe, demonstrated by the first franchisee sale in France. We believe these and further potential opportunities will put us in good stead for when restrictions across Europe relax and trading returns to more normalised pre-Covid levels.
“With rising vaccination rates and the continued reopening of hospitality and leisure markets, we anticipate that our customers will experience increased consumer demand, allowing us to focus our efforts on capturing these growth opportunities.
“Internally, and in conjunction with our major customers, we have targeted bringing new initiatives to the market that will allow us to continue supporting their needs whilst providing us additional avenues for growth. In particular, we are committed to leading the way in addressing sustainability issues and in providing more cost effective and efficient solutions with innovations that are already generating significant customer interest.”
Looking ahead, he analysed: “We are carrying good momentum into the second half of the year and, although we are mindful of continuing risks to the economic recovery in the countries in which we operate, Filta is developing initiatives focused on growing the core business and addressing one of the key industry concerns of sustainability. We are excited about the potential in our business pipeline and believe that we are well placed to deliver attractive growth and shareholder returns.”