Filta Group Holdings plc (LON:FLTA), a provider of fryer management and other services to commercial kitchens, has provided its trading update ahead of the results for the financial year ended 31 December 2021, which it expects to announce on 12 April 2022.
Revenues recovered strongly through 2021 and are now running at higher levels than they were before the impact of the pandemic. The record-setting third and fourth quarters helped the Group to finish the year with revenues of £23.6m (2020: £16.4m). This performance was led by a strong and early recovery in North America, where sales grew 82% year-on-year to a record of £14.2m (2020: £7.8m). Although the return to normality was slower in our UK operations, second half revenues increased by 37% over the first half, resulting in full year UK revenues of £8.9m, up 10% on 2020.
We have been particularly encouraged by the amount of new business that we have secured through the Covid-impacted months and since that threat has receded. It has also been encouraging to see how well-received our Cyclone GRU has been since its launch in 2020. We recently signed a 10-year supply agreement to be the exclusive global supplier of the unit and, following its strong acceptance in the UK, we introduced the Cyclone GRU to the European market in the second quarter, where we finished the year with 19 installations.
The Group’s cash position has continued to improve with net cash of £0.7m as of 31 December 2021 (31 December 2020: Net Debt £1.6m).
Although still early in the new year, trading continues to be positive with January 2022 revenue up 62% over the same period last year. The recovery and continued revenue growth reflects the resilience of our business model and the support and commitment of our people, both direct employees and franchisees, over the past two years. The Board, therefore, views the future with confidence and believes that Filta, with its strong balance sheet, ever-improving product offerings and growing franchise base, is well positioned to build on its 2021 performance as the US, UK and European hospitality and leisure markets continue their return to unrestricted trading conditions.
Jason Sayers, Filta Group Holdings Chief Executive Officer, commented:
“I am delighted with the Group’s performance in 2021 despite the ongoing challenges from Covid-19. The significant growth in revenue, whilst managing these challenges, is a testament to both the resilience of our business model and the exemplary efforts from all of the Filta team.
We plan to build on this performance in 2022 and remain confident in our ability to deliver continued growth in the coming year.”
