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Filta Group shrugs off currency headwinds to report strong top-line growth

The group has initiated six new franchises this year, including one each in its newest operating locations, Canada and Germany,
Potato horrified at prospect of being made into chips
Grease is the word

Kitchen services provider Filta Group Holdings PLC (LON:FLTA) is cooking with gas this year, judging by its latest trading update.

In a statement released ahead of cooking oil filtration specialist's annual general meeting, it said it had made strong progress in the year-to-date despite unhelpful exchange rate movements.

READ: Filta Group cooks up a record year in 2017

Despite the adverse impact of a weak US dollar on its revenues through the early part of the year, underlying earnings (Ebitda) for the year to date are roughly 11% ahead year-on-year; stripping out the effects of currency movements would give a 23% improvement, the company revealed.

The existing franchises and company-owned operations are performing in line with management expectations, and Filta is seeing an increasing contribution from FiltaGMG as its organisational improvements take effect.

"We currently have a good pipeline of enquiries from high-quality aspiring franchisees in both North America and Europe, and the board, therefore, has confidence in the prospects for the current year as well as the outlook for subsequent periods," the kitchen services provider said.

The shares were up 4.8% at 219p in mid-morning trading.

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