Filta Group Holdings revenue grows, gross margin falls in 2017
Source - SMW
Filta Group Holdings reported revenue in excess of £13.25m, up over 30% on the prior year, but gross margin fell amid a change in revenue mix, while US deferred revenue rose despite a weaker dollar.
The increase in revenue for the full year underpinned profit growth, which was in line with market expectations, despite increased overheads weighing on gross margin.
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.'
At 9:12am: (LON:FLTA) Filta Group Holdings Plc share price was +3.5p at 177.5p