Filta Group Holdings PLC (LON:FLTA) has hailed the “resilience” of its model despite the disruption caused by the coronavirus (COVID-19) pandemic as it said it had maintained positive earnings in 2020.
In a trading update for the 12 months to December 31, the fryer management specialist said it had taken “quick, decisive action” to meet the challenges of COVID-19, with the principal focus being on the preservation of cash.
WATCH: Filta Group Holdings says while 2020 was all about 'getting through Covid, 2021 is all about sales'
As a result, the firm said it expects to report positive earnings (EBITDA) for the year of £1mln compared to £3.2mln in 2019, while revenues are expected to be around one third lower than the £24.9mln achieved in the prior year.
Despite this, Filta said it had also achieved an improvement in gross margins and a £1.4mln reduction in overhead spending, while net debt had fallen to £0.5mln from £0.9mln.
Looking ahead, Filta said as the easing of lockdown restrictions will allow more of its customers to re-open, it is also “actively looking to engage more closely with private investors” and is planning to participate in a number of retail investor-facing events in the coming months.
"We are strongly encouraged by the performance of the Group during undoubtedly very challenging times. With the rollout of vaccine programmes making excellent progress, particularly in the UK and the US, the restaurant and leisure sectors are expected to open up as we approach the summer months. As a result of the proactive measures we implemented early in the pandemic, the Group has a robust balance sheet and we believe we are coming out of this period as a more efficient organisation and with an exciting sales pipeline”, Filta chief executive Jason Sayers said in a statement.
"The [Organisation for Economic Co-operation and Development] has predicted UK and US GDP growth for 2021 of 5.1% and 6.5% respectively and we expect trading to continue strengthening as we go through 2021. With markets expected to be fully open and back to pre-pandemic levels by next year, we look forward to further growth through 2022 and beyond”, he added.