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Filta revenue jumps 30% despite declining margins
Commercial kitchens service firm Filta saw revenue jump more than 30% in the twelve months leading to 31 December, despite reduced margins across several business units.
Filta's revenue leapt from the £10.1m recorded over its 2016 trading year to £13.25m in the recently ended period as changes in the group's revenue mix, and the disposal of its lower margin refrigeration business, managed to offset tightening margins elsewhere.
The firm anticipates a return to higher margins throughout the current trading year.
Deferred revenue rose to £200,000.
Filta's mobile filtrations units (MFUs) drove the majority of its North American growth, while its FiltaSeal business pushed the firm ahead in the UK market.
Jason Sayers, chief executive officer, said, "We had a record year with each of our core service offerings delivering double-digit revenue growth. Further, our MFU count rose 15% to 392 at year end. In parallel, our acquisition of Filta GMG and expansion of Filta's fryer management franchise business in Europe supports our strategy of making investments that strengthen our product offerings and expand our customer base. As a result, I believe we are well positioned to grow the group over the long term."
Filta said it will release its fully audited results for the 2017 trading year on 17 April.
As of 1200 GMT, shares had grown 3.28% to 179.70p.