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Filta Group hails strong start to the year as sale of refrigeration arm improves profits

"We continue to seek growth opportunities through both acquisitions and the continued development of our existing businesses ...," said Filta boss Jason Sayers
First half revenues and profits were in line with expectations

Filta Group Holdings PLC (LON:FLTA) said on Friday the sale of its refrigeration business and the acquisition of drain specialist GMG have led to higher gross margins and improved profitability.

The company, which provides cooking oil filtration and fryer management services to commercial kitchens, said in a trading update that it delivered a strong first half with revenues and profits in line with expectations.

Trading was supported by revenue growth from new franchises late last year and the contribution of GMG, which was purchased last August. Filta sold its non-core lower margin refrigeration and heating, ventilation and air conditioning business to Scotia Cooling Solutions in January.

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

Also in January, the group bought FiltaFry Deutschland GmbH, the company that owns the master franchise agreement for FilaFry in Germany.

Filta said the acquisition of the German master franchise had “gone smoothly”. It has also added two new franchises in Europe. In total it has added 10 new franchises and now has 422 mobile filtration units (MFU), up from 394 at the end of last year.

The group said the franchisee and MFUs are the “drivers of our business”, and together with the revenue growth in its FiltaSeal and FiltaGMG businesses, provide the “confidence for further progress in the second half of the year and beyond”.

“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,” said chief executive Jason Sayers.

"We continue to seek growth opportunities through both acquisitions and the continued development of our existing businesses over the short, medium, and long term. "

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