Franchise Brands PLC (LON:FRAN) made a strong start to the year as underlying earnings (EBITDA) increased 24% to £2mln in the first three months of 2021.
Turnover returned to pre-Coronavirus (COVID-19) levels towards the end of the period.
“We also benefited from efficiency savings due to new ways of working that were established during the pandemic, which have been facilitated by the ongoing digital transformation of our business,” chairman Stephen Hemsley will tell the company’s annual meeting later Tuesday.
With £12.9mln of cash and bank facilities of £7mln, the multi-franchise business is looking to complement organic growth with earnings enhancing acquisitions.
It has set a target of hitting £100mln of annual revenues and £15mln EBITDA by the end of 2023.