Filta annual core earnings fall as temporary restaurant, leisure sector shutdowns bites

Thu, 25th Mar 2021

Fryer management and services group Filta reported lower annual core earnings as revenue suffered a pandemic fuelled hit to demand from the restaurant and leisure sectors. For the year ended 31 December, Adjusted earnings before interest, taxes, depreciation and amortisation fell to about £1.0 million from £3.2 million last year, as revenue was about a third of the £24.9 million achieved in 2019. Recurring revenue levels in the US had recovered to over 65% of the levels being achieved in 2019. In the UK, the group's major UK customers are yet to re-open, with business levels at approximately 60% of pre-Covid levels. '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,' the company said. The full year results for the year ended 31 December 2020, would be announced on 20 April 2021. At 9:02am: (LON:FLTA) Filta Group Holdings Plc share price was 0p at 95.5p Story provided by StockMarketWire.com

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