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Filta Group says sales recovered further in July

"With customer demand now coming back, we can focus on leveraging our solid capabilities to drive revenues back up”

Filta Group Holdings PLC -

Filta Group Holdings PLC (LON:FLTA), the commercial kitchen services specialist, said sales continued to recover in July as restaurants reopened after the coronavirus (COVID-19) pandemic lockdown.

Month on month revenues grew 40% in each of June and July, the AIM-listed group said, though it added that it is mindful of the ongoing uncertainty caused by COVID. 

WATCH: Filta Group Holdings sees 'a lot of potential growth in the UK' and remains 'very optimistic'

Revenues in the half-year to June 30, 2020, were £8.3mln (2019: £12.2m) as, after a good first quarter, COVID-19 and social distancing restrictions had a significant impact.

Filta said it had reduced overhead costs by 23% to cope, though underlying profits (adjusted EBITDA) fell to £0.2mln (2019:£1.7mln) and there was a pre-tax loss of £782,000.

Measures to conserve cash meant the balance rose to £3.2mln at the end of the period, while the dividend has been suspended until trading visibility improves.

In the results statement, Jason Sayers, Filta's chief executive said: "While the COVID-19 pandemic had a material impact during the first half, our results demonstrate the resilience of our businesses and the fundamental strength of Filta.

"We entered the year with good momentum, but with the pandemic causing lower demand for our services and widespread closures across our customer base from mid-March, we quickly adapted, placing emphasis on supporting our employees, franchisees and customers and protecting the long-term health of our business.

“The strength of our North American business model has been evidenced by the continued profitable trading that we have enjoyed throughout the COVID-19 affected period. With customer demand now coming back, we can focus on leveraging our solid capabilities to drive revenues back up,” he added.

Quick facts: Filta Group Holdings PLC

Price: 94 GBX

AIM:FLTA
Market: AIM
Market Cap: £27.35 m
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