Filta Group Holdings, a provider of fryer management and other services to commercial kitchens, has revealed that revenue and profit for the first half of 2018 are in line with management expectations.
The group reports it has enjoyed strong trading in the first half of the year, reflecting revenue growth from new franchisees added in the latter part of last year, further growth in its UK-based seals business and an increasing contribution from FOG management service provider GMG, which was acquired in August 2017. That acquisition, and subsequent sale of its refrigeration business to Scotia Cooling Solutions at the end of 2017, has led to higher overall gross margins and improved profitability.
The acquisition and integration of the master franchise, FiltaFry Deutschland, in Germany has gone smoothly, according to the company. It has added two new franchises in Europe and has a developing pipeline with which to build on in the second half of 2018.
Gaining 10 new franchisees in the first half of the year, FiltaFry now has 422 mobile cooking oil filtration units (MFU) in operation, up from 394 at the end of last year. The group feels the franchisee and MFU count are the drivers of the business, and together with the revenue growth that it is seeing in owned businesses, FiltaSeal and FiltaGMG.
Jason Sayers, CEO, commented: “We have had a strong start to the year and have successfully completed a number of strategic initiatives, including the disposal of our lower margin refrigeration business, the integration of GMG and the changed structure of our European activities.
“We continue to seek growth opportunities through both acquisitions and the continued development of our existing businesses over the short, medium, and long term.”