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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Filta Group Holdings Plc | LSE:FLTA | London | Ordinary Share | GB00BDB7J920 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 170.00 | 165.00 | 175.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFLTA
RNS Number : 6149L
Filta Group Holdings PLC
14 September 2021
14 September 2021
Filta Group Holdings plc
("Filta" or the "Company" or the "Group")
Interim Results for the 6 months ended 30 June 2021
Filta Group Holdings plc (AIM: FLTA), a market-leading commercial kitchen services provider, is pleased to announce its unaudited Interim Results for the 6 months ended 30 June 2021.
Financial Summary
-- Group Revenue increased 17% to GBP9.7m (H1 2020: GBP8.3m, H2 2020: GBP8.1m)
-- Gross profit, up in line with increased trading levels, GBP3.9m (H1 2020: GBP3.4m, H2 2020: GBP3.5m)
-- Adjusted EBITDA* increased by 500% to GBP1.3m (H1 2020: GBP0.2m, H2 2020: GBP0.9m) -- Cash inflow from operations doubled to GBP1.0m (H1 2020: GBP0.5m) -- Net debt reduced by 50% to GBP0.8m (31 December 2020: GBP1.6m) -- Cash balance of GBP4.2m (31 December 2020: GBP4.2m) -- Basic loss per share of 0.19p (2020: loss of 3.11p) -- Adjusted EPS** 3.19p (H1 2020: loss of 0.13p)
-- The Board considers it would be prudent not to pay an interim dividend and to allow the trading recovery to continue to gather momentum. Nonetheless, if the current trading trend carries on through the remainder of the year, the Board expects to resume the payment of a final dividend.
Operational Highlights
-- Strong performance through H1, despite ongoing lockdowns, with Q2 revenues and gross profit growing 29% and 25%, respectively, versus Q1
-- 8 new franchise sales in the period, including a first in France
-- 7 franchise resales as the Company continues to upgrade its network to underpin future growth
-- 13 new Mobile Filtration Units ("MFUs") sales, the principal driver of Fryer Management recurring revenue, added in the period and in line with pre COVID-19 demand
-- The new Cyclone Grease Recovery Unit ("GRU"), introduced to the market in Q4 2020, has gained significant traction, resulting in 60% quarter-on-quarter revenue growth in H1
-- Initiatives to drive innovation, efficiency and sustainability are accelerating the momentum of the business
*Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortisation, acquisition related costs and share based payment expense.
**Adjusted EPS are earnings per share before depreciation and amortisation, share based payment expense and non-recurring items.
Jason Sayers, CEO of Filta, commented:
"We delivered strong performance for the first half of the year, with underlying market fundamentals continuing to improve in our primary markets of North America, the UK and mainland Europe.
"In the US, we have seen impressive growth, while our larger customers, which include sports stadia and universities, remain on track to fully reopen during the third quarter of the year. The UK market has benefitted from the relaxation of restrictions and we have worked hard to develop new business opportunities in Europe, demonstrated by the first franchisee sale in France. We believe these and further potential opportunities will put us in good stead for when restrictions across Europe relax and trading returns to more normalised pre-COVID levels.
"With rising vaccination rates and the continued reopening of hospitality and leisure markets, we anticipate that our customers will experience increased consumer demand, allowing us to focus our efforts on capturing these growth opportunities. Internally, and in conjunction with our major customers, we have targeted bringing new initiatives to the market that will allow us to continue supporting their needs whilst providing us additional avenues for growth. In particular, we are committed to leading the way in addressing sustainability issues and in providing more cost effective and efficient solutions with innovations that are already generating significant customer interest.
"We are carrying good momentum into the second half of the year and, although we are mindful of continuing risks to the economic recovery in the countries in which we operate, Filta is developing initiatives focused on growing the core business and addressing one of the key industry concerns of sustainability. We are excited about the potential in our business pipeline and believe that we are well placed to deliver attractive growth and shareholder returns."
Management will host a presentation for analysts today at 3pm (UK). For further details please email filta@yellowjerseypr.com .
On Thursday 16 September at 1pm (UK) , the Company will host a presentation and Q&A session for private investors on the Investor Meet Company platform. Non-subscribers to Investor Meet Company can sign up to join the presentation via: https://www.investormeetcompany.com/filta-group-holdings-plc/register-investor .
For further information please contact:
Filta Group Holdings plc Tel: +1 407 996 5550
Jason Sayers, Chief Executive Officer
Brian Hogan, Finance Director
Cenkos Securities (Nomad and Broker) Tel: +44 (0)20 7397 8900
Stephen Keys
Camilla Hume
Yellow Jersey PR Tel: +44(0)7747 788 221
Charles Goodwin
Joe Burgess
Henry Wilkinson
This announcement contains inside information.
Chief Executive's and Chairman's Statement
Overview
The first six months of the year have brought a steady increase in business and revenues as our industry has continued to emerge from lockdowns and social distancing restrictions. Our support for our franchise base since the outbreak of the pandemic has brought its rewards as the US business recovered at a rate well beyond our expectations. In the UK, where the majority of our revenues are derived from the provision of services direct to our customer base through Company-owned activities, the pick-up has been slower, reflecting a more cautious easing of restrictions, but is now gaining momentum with monthly revenues in June some 60% higher than in January. In mainland Europe, where the relaxing of social distancing restrictions have persisted longer than the UK, revenues remain suppressed, but there is an encouraging level of interest from potential new franchisees.
The resulting revenue for the six months was GBP9.7 million (H1 2020: GBP8.3 million) and a gross profit of GBP3.9 million (H1 2020: GBP3.4 million), giving an adjusted EBITDA of GBP1.3 million (H1 2020: GBP0.2 million). The reported profit before tax of GBP0.2 million (2020: loss of GBP0.8 million) is after incurring GBP1.0 million of non-cash or non-recurring charges (H1 2020: GBP0.9 million). It is encouraging that we have seen significant growth through H1, with Q1 revenue and gross profit increasing from GBP4.2 million and GBP1.7 million to GBP5.5 million and GBP2.2 million, respectively, for Q2.
In the early months of the year we remained focused on cash-protection, continuing to implement efficiency measures and taking advantage of the available government support schemes in the UK and the US, but also made plans for a post-COVID-19 world as we sought innovations, such as our new Cyclone GRU, and potential new customer genres to drive revenue in the future. In the six months the Group received GBP0.2 million (H1 2020: GBP0.5 million) in funding through the UK business support scheme and GBP0.2 million (H1 2020: GBP0.2 million) under the US scheme.
We generated an operating cash flow of GBP1.0 million (H1 2020: GBP0.5 million) and overall cash inflow, after the repayment of GBP0.8 million of debt, of GBP0.1 million (H1 2020: GBP0.2 million) during the six months. The Group's gross cash at 30 June 2021 was GBP4.2 million (31 December 2020: GBP4.2 million) and net debt, including lease liabilities, was GBP0.8 million (31 December 2020: GBP1.6 million).
Operating Review
Fryer Management
Fryer Management derives revenue from recurring franchise royalties, national accounts income, waste oil sales and other continuing income through our franchise network. Revenues in the six months were up by 31% at GBP5.5 million (H1 2020: GBP4.1 million) and gross profit was GBP2.1 million (H1 2020: GBP1.8 million), an outcome which reflects the strength of our franchise base. We added 13 MFUs during the period, of which two were sold in Europe, and these will begin contributing to revenue over the second half of the year and into future periods. Network revenue, which represents the total revenue of our North American franchisees for all services provided to customers, was up 31% in H1 over H1 2020. We are continuing to see improvement in the first half of Q3 as July represented the second highest month on record. Many of the major customers, including sporting and events venues and educational establishments, have not yet fully re-opened and there will, therefore, provide a further revenue uplift as they do.
Franchise Development
Franchise Development revenue includes the sales and resales of franchises as well as the additional territory sales to existing franchisees. Eight new franchise agreements, three in Europe, including our first in France, and five in North America represent a strong start to the year. In addition, as we have highlighted previously, we have embarked on an initiative to strengthen the franchise network by supporting the resale of existing locations to both current and new franchisees. This initiative allows us to replace incumbent franchisees, who may not have plans for future growth, by managing an orderly sale to a new franchisee with greater ambitions. The number and quality of our franchisees is key to the amount and reliability of the Fryer Management income in the future. Through the first half of the year we have closed on seven resales, generating commission income.
Site Services
FOG, Pump and Seal services, collectively Site Services, which are currently provided directly by our own operatives and by franchisees (in a sub-contract capacity), generate revenue from recurring maintenance fees, either under contract or otherwise as well as reactive callouts. This division delivered GBP2.8 million, or 29%, of the Group's total revenue in the six months. Moreover, the monthly revenue has grown steadily through the period and was 20% higher in Q2 than in Q1. Importantly, we expect our FOG revenues to continue to expand on the strong acceptance of our new Cyclone GRU which brings follow on service contracts. Additionally, as more sites are opened or added, we expect the revenues from each of these services to continue to grow.
Equipment Sales and Installation
This activity comprises FiltaFOG and FiltaPump Equipment Sales and Installation and represents the entry point for customers to our services. It delivered GBP0.8 million, or 8%, of Group revenue. We anticipated a slower recovery in this division as our customers remain more focused on preventative maintenance and less inclined to incur larger one-time outlays during the resumption phase of trading. However, we began to see a significant pick up in business in May that allowed us to deliver quarter-on-quarter growth of 59% and the demand has continued into the second half of the year.
New products
The Company has continued to innovate and seek additional products and services to add to its portfolio with the objective of driving additional income from our existing customer base and of opening up new customer opportunities. Our existing services provide strong environmental benefits, and our focus is on enhancing and leveraging our environmental credentials to help our customers in managing theirs. The launch and highly encouraging market acceptance of our Cyclone GRU, which is both more efficient and less costly to run than its predecessor models, is a perfect example of such advances.
Dividends
Whilst we have experienced significant improvement in our performance in the first half of 2021, there still remains ongoing uncertainty arising from the COVID-19 pandemic and, therefore, the Board considers that it would be prudent to withhold the interim dividend for 2021. However, the Board is keen to resume the payment of dividends, which are an important element of shareholder returns, and, provided that the current trading trend continues through H2, it anticipates that it will resume the payment of dividends in respect of the full year.
Outlook
We have seen an improving sales trend in recent months with quarter-on-quarter revenues growing 29% in Q2. As we look to the remainder of the second half of the year, whilst we are mindful of the ongoing wider macro-economic uncertainty caused by COVID-19, we believe that, with customers still in the process of re-opening their businesses, we are well placed to benefit from the acceleration in demand that should follow.
The Group is in a strong financial position and is a market leader in both of our major operating territories. We will continue to support our near-term financial performance with cost mitigations and cash actions where necessary or prudent, whilst pursuing attractive investment opportunities as they become available, in order to position ourselves to take full advantage of future growth opportunities.
Whilst we do not underestimate the challenges and uncertainties, nor how long they may remain, we believe that our business model, our multiple sources of revenue, many of which are long-term and recurring in nature, and our ability to adapt to changing circumstances, means that Filta is well placed to continue to grow and prosper as the impact of COVID-19 recedes.
Tim Worlledge Jason Sayers
Non-executive Chairman Chief Executive Officer
13 September 2021 13 September 2021
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2021
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 December 30 June 30 June 2020 2021 2020 Notes GBP GBP GBP Revenue 3 9,690,686 8,296,948 16,401,621 Cost of sales (5,768,456) (4,912,536) (9,484,035) ------------ ------------ ------------- Gross profit 3,922,230 3,384,412 6,917,586 Other income 68,822 24,659 76,922 Distribution costs (39,809) (73,195) (87,824) Administrative expenses (3,643,983) (3,998,360) (7,495,905) ------------ ------------ ------------- Operating (loss)/profit 307,260 (662,484) (589,221) ----------------------------------------- ------ ------------ ------------ ------------- Analysed as: Adjusted EBITDA 1,292,473 222,222 1,053,569 Acquisition and restructuring related costs (95,156) (17,379) (187,465) Depreciation and amortisation (663,919) (668,482) (1,370,258) Share based payments, net of cash settled 6 (226,138) (198,845) (85,067) ----------------------------------------- ------ ------------ ------------ ------------- 307,260 (662,484) (589,221) ----------------------------------------- ------ ------------ ------------ ------------- Finance costs, net (100,725) (119,889) (277,010) ------------ ------------ ------------- Profit/(loss) before tax 206,535 (782,373) (866,231) Income tax expense (261,906) (121,930) (139,748) Net loss attributable to owners (55,371) (904,303) (1,005,979) Other comprehensive Income Exchange differences on translation of foreign operations (46,368) 130,960 (168,192) ------------ ------------ ------------- Total other comprehensive (loss)/income (46,368) 130,960 (168,192) Loss and total comprehensive loss (101,739) (773,343) (1,174,171) ============ ============ ============= Earnings/(loss) per share * Basic (pence) 2 (0.19) (3.11) (3.46) * Diluted (pence) 2 (0.19) (3.11) (3.46)
Filta Group Holdings plc
Condensed consolidated statement of financial position
As at 30 June 2021
Unaudited Audited 31 30 June December 2021 2020 Notes GBP GBP Non-current assets Property, plant and equipment 1,190,229 1,251,656 Right of use asset 796,182 1,041,726 Deferred tax assets 788,190 796,414 Intangible assets 5,516,666 5,836,360 Goodwill 1,639,523 1,639,523 Deposits 11,270 11,398 Contract acquisition costs 365,571 419,913 Trade receivables 4 177,576 264,274 ----------- ----------- 10,485,207 11,261,264 ----------- ----------- Current assets Trade and other receivables 4 2,942,171 2,325,678 Contract acquisition costs 95,981 72,958 Inventories 1,358,192 1,604,451 Cash and cash equivalents 4,243,778 4,208,498 ----------- ----------- 8,640,122 8,211,585 ----------- ----------- Total assets 19,125,329 19,472,849 =========== =========== Current liabilities Trade and other payables 5 3,142,446 2,289,889 Borrowings 1,217,119 1,076,927 Lease liability 299,171 319,480 Deferred income 527,600 592,065 ----------- ----------- 5,186,336 4,278,361 ----------- ----------- Non-current liabilities Deferred tax liability 908,558 1,027,498 Borrowings 3,006,143 3,647,088
Lease liability 543,840 770,119 Deferred income 1,837,995 2,086,565 ----------- ----------- 6,296,536 7,531,270 Total liabilities 11,482,872 11,809,631 ----------- ----------- Equity Share capital 2,913,816 2,909,816 Share premium 3,730,633 3,679,085 Other reserves 6 258,861 233,431 Translation reserve (747,635) (701,267) Retained profits 1,486,782 1,542,153 Total equity 7,642,457 7,663,218 ----------- ----------- Total equity and liabilities 19,125,329 19,472,849 =========== ===========
Filta Group Holdings plc
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2021
Foreign Share Share Other Merger Exchange Retained Total Capital Premium Reserves Reserve Reserve Earnings Equity GBP GBP GBP GBP GBP GBP GBP Balance at 1 January 2021 2,909,816 3,679,085 573,118 (339,687) (701,267) 1,542,153 7,663,218 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Loss for the year - - - - - (55,371) (55,371) Translation differences - - - - (46,368) - (46,368) --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Total comprehensive income (46,368) (55,371) (101,739) --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Dividends paid - - - - - - - Issue of share capital 4,000 51,600 - - - - 55,600 Return of share premium - (52) - - - - (52) Equity - - - - - - - consideration paid Shares based payments - - 25,430 - - - 25,430 --------------- ---------- Balance at 30 June 2021 2,913,816 3,730,633 598,548 (339,687) (747,635) 1,486,782 7,642,457 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Foreign Share Share Other Merger Exchange Retained Total Capital Premium Reserves Reserve Reserve Earnings Equity GBP GBP GBP GBP GBP GBP GBP Balance at 1 January 2020 2,908,535 3,659,204 367,102 (339,687) (533,075) 2,548,132 8,610,211 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Loss for the year - - - - - (904,303) (904,303) Foreign exchange translation - - - - 130,960 - 130,960 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Total comprehensive income - - - - 130,960 (904,303) (773,343) --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Dividends paid - - - - - - - Issue of share capital 1,281 19,881 - - - - 21,162 Equity - - - - - - - consideration paid Share based payments - - 149,905 - - - 149,905 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Balance at 30 June 2020 2,909,816 3,679,085 517,007 (339,687) (402,115) 1,643,829 8,007,935 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Loss for the year - - - - - (101,676) (101,676) Foreign exchange translation - - - - (299,152) - (299,152) --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Total comprehensive income - - - - (299,152) (101,676) (400,828) --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Dividends paid - - - - - - - Issue of share - - - - - - - capital Equity - - - - - - - consideration due Share based payments - - 56,111 - - - 56,111 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------ Balance at 31 December 2020 2,909,816 3,679,085 573,118 (339,687) (701,267) 1,542,153 7,663,218 --------------- ---------- ---------- --------- ------------------------ ------------------- ---------- ------------
Filta Group Holdings plc
Condensed consolidated statement of cash flows
for the six months ended 30 June 2021
Unaudited Unaudited Audited 6 months 6 months Year ended 30 June ended 30 ended 31 2021 June December 2020 2020 GBP GBP GBP Operating activities (Loss)/profit before tax 206,535 (782,373) (866,231) Adjustments for non-cash operating transactions: Finance costs 100,725 119,889 277,010 Depreciation 78,361 38,658 172,560 Amortisation of intangible assets 425,665 467,630 867,269 Amortisation of right of use assets 159,892 162,194 330,429 (Gain)/loss on disposal of tangible fixed assets (21,545) (3,451) (12,215) Share based payment charge 226,138 198,845 85,067 --------- --------- --------------------- 1,175,771 201,392 853,889 --------- --------- ------------------- Movements in working capital: Decrease/(increase) in trade and other receivables (510,720) 1,162,681 1,606,223 Increase in contract acquisition costs 31,319 (43,200) (19,018) (Decrease)/increase in trade and other payables 394,354 (628,625) (795,266) Decrease in cash settled share option liability (14,700) - - Increase in proceeds from government grants 208,328 - - (Increase)/decrease in inventories 246,258 (13,431) 155,505
(Decrease)/increase in deferred revenue (313,036) (26,732) (351,609) --------- --------- --------- Cash flow from operations 1,217,574 652,085 1,676,205 --------- --------- --------- Taxes paid (211,769) (162,307) (393,249) --------- --------- --------- Net cash flow (used in)/generated from operations 1,005,805 489,778 1,282,956 --------- --------- --------- Investing activities Purchase of property, plant, and equipment (29,936) (8,760) (100,166) Proceeds from disposals of property, plant, and equipment 23,807 3,525 13,831 Purchase of other intangible assets (103,913) (163,310) (194,985) --------- --------- --------- Net cash (used in)/generated from investing activities (110,042) (168,545) (281,320) --------- --------- --------- Financing activities Repayments of borrowings (508,366) (31,385) (302,538) Net proceeds from borrowings - 54,759 1,200,000 Net proceeds from issue of share capital 38,800 - 21,162 Payment of lease liabilities (244,514) (95,376) (231,005) Dividends paid to shareholders - - - Interest paid (81,588) (95,643) (232,463) --------- --------- --------- Net cash used in financing activities (795,668) (167,645) 455,156 --------- --------- --------- Net change in cash and cash equivalents 100,095 153,588 1,456,792 Cash and cash equivalents, beginning of period 4,208,498 2,891,014 2,891,014 Exchange differences on cash and cash equivalents (64,815) 168,523 (139,308) --------- --------- --------- Cash and cash equivalents at end of period 4,243,778 3,213,125 4,208,498 --------- --------- ---------
Filta Group Holdings plc
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2021
1. Accounting Policies
Basis of preparation
The condensed consolidated financial statements for the six months ended 30 June 2021 and 2020 are unaudited and were approved by the Directors on 13 September 2021. They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2020 were prepared in accordance with International Financial Reporting Standards as adopted by the EU and have been delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter.
Applicable standards
These unaudited consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, under the historical cost convention. They have not been prepared in accordance with IAS 34, the application of which is not required to the interim financial statements of AIM companies. The interim financial statements have been prepared in accordance with the accounting policies set out in the Group's Annual Report and Accounts for the year ended 31 December 2020.
Basis of consolidation
The Group's financial statements consolidate the financial statements of Filta Group Holdings plc and its subsidiaries.
Going concern
The Board has undertaken a review of the Group's forecasts and associated risks and sensitivities, considering the expected impact of COVID-19 on trading in the period from the date of approval of the interim financial statements to December 2022. The Group had GBP4.2m of cash as of 30 June 2021, with debt of GBP5.1m which included GBP0.8m of IFRS 16 lease liabilities. The Group also has access to an undrawn GBP0.4m UK bank overdraft facility.
Throughout the first half of the year, activity levels have picked up resulting in improved revenue and profits. Notwithstanding this increased activity the Board is mindful that a degree of uncertainty due to the ongoing impact of the pandemic remains. However, given the analysis performed on the forecasts, the strength of performance in H1 and into the early months of H2, the level of cash in the business and additional borrowing availability, our geographical and service diversification, as well as our ability to manage our cost base, the Board has concluded that the Group has adequate resources to continue in operational existence for the period through December 2022. Accordingly, the financial statements are prepared on a going concern basis.
2. Earnings per share
The calculation of earnings per share is based on the following earnings and number of shares:
Unaudited Unaudited Audited 6 months 6 months Year ended ended 30 June ended 30 31 December 2021 June 2020 2020 GBP GBP GBP Earnings attributable to equity holders of the Company (55,371) (904,303) (1,005,979) Weighted average number of shares Basic 29,108,992 29,096,123 29,097,146 Dilutive effect of share options - - - and awards ----------------------------- ---------------------- ------------------------- Diluted 29,108,992 29,096,123 29,097,146 ----------------------------- ---------------------- ------------------------- 3. Segmental Analysis
The Company continues to have four reportable segments as follows:
The Site Service's segment consists of our preventive maintenance and reactive services, including our Seal replacement service. The Equipment Sales & Installation segment represents the provision of design, sale and installation solutions. The Franchise Development and Fryer Management segments encompass our franchise model and consist of the sale of franchises and the ongoing recurring revenue on royalties and other supplied services, respectively. The Group also has three geographic segments: United Kingdom, North America and Europe.
The segments represent components of the Company for which separate financial information is available that is utilised on a regular basis by the chief operating decision maker (which takes the form of the Board of Directors), in determining how to allocate resources and evaluate performance. The segments are determined based on several factors, including client base, homogeneity of products, technology, delivery channels and similar economic characteristics.
Revenue and non-current assets by origin of geographical segment for all entities in the Group is as follows:
Revenue Audited Unaudited Unaudited Year 6 months 6 months ended ended 30 June ended 30 June 31 December 2021 2020 2020 GBP GBP GBP United Kingdom 3,778,283 4,014,968 8,154,425 North America 5,707,206 4,051,751 7,762,771 Europe 205,197 230,229 484,425 --------------- --------------- ------------- Total 9,690,686 8,296,948 16,401,621 Non-current assets Audited Unaudited As at As at 30 June 31 December 2021 2020 GBP GBP United Kingdom 8,510,068 8,972,757 North America 1,701,764 1,882,302 Europe 273,375 406,205 --------------- --------------- Total 10,485,207 11,261,264 --------------- ---------------
Product and services revenue analysis
Revenue Audited Unaudited Unaudited Year 6 months 6 months ended ended 30 June ended 30 June 31 December 2021 2020 2020 GBP GBP GBP Franchise Development 608,744 521,204 1,038,287 Fryer Management 5,494,941 4,131,325 7,812,833 Equipment Sales & Installation 766,259 755,572 1,377,210 Site Services 2,820,742 2,888,847 6,173,291 --------------- --------------- ------------- Total 9,690,686 8,296,948 16,401,621 --------------- --------------- -------------
No customer has accounted for more than 10% of total revenue during the periods presented.
4. Trade and other receivables
Trade and other receivables consist of the following:
Group Unaudited Audited 6 months Year ended ended 30 June 31 December 2021 2020 GBP GBP Trade receivables, net 2,600,433 2,039,735 Prepayments and other receivables 244,071 258,937 Franchise payment plans 275,243 291,280 ---------- ------------- 3,119,747 2,589,952 ---------- -------------
Accounts receivable include amounts that the Filta Group has agreed may be settled over extended repayment terms.
5. Trade and other payables Group Unaudited Audited 6 months Year ended ended 30 June 31 December 2021 2020 GBP GBP Trade payables 1,420,027 1,294,512 Taxes and social security 691,598 531,763 Accruals and other payables 1,030,821 463,614 ---------- ------------- 3,142,446 2,289,889 ---------- -------------
Analysis of trade and other payables
These are classified as short term and are expected to be settled within 12 months from the reporting date.
6. Share option scheme
The Company maintains an EMI Share Option Scheme to incentivise executives and employees of Filta Group Holdings and its subsidiaries. For U.K. employees, Options have been awarded over a total of 2,497,500 ordinary shares, equivalent to 8.5% of the Company's current issued share capital. The options vest, subject to the satisfaction of certain conditions, over a period of 4 years from the date of grant. All options issued will have met or will meet the vesting conditions between 2021 and 2025 and are exercisable at any time after vesting and within 10 years from the grant date.
Additionally, all qualifying U.S. employees have been awarded share acquisition rights (SARs). The SARs are conditional bonuses whose value will be calculated by reference to the amount by which the price of the Company's ordinary shares has risen above the base price at the date of exercise, thus providing holders of SARs the same reward value as if the SARs were share options. The qualifying conditions and timing of vesting are identical to those within the share option scheme for UK employees. All SARs are settled in cash when exercised. A total of 872,500 SARs have been awarded.
In the ordinary course of business, an option will normally only be exercisable to the extent it has fully vested, and any applicable non-market performance conditions have been satisfied or waived. Options shall lapse to the extent unexercised on the tenth anniversary of the date of grant or such earlier date as specified by the Board at the date of grant.
As at 30 June 2021, a total of 1,711,500 (2020: 1,550,000) were outstanding, having a range of exercise prices from 0.97p to 2.30p (2020: 0.97p to 2.30p) and a weighted average exercise price of 1.62p (2020:1.81p). These outstanding awards have a weighted average contractual life of 7.17 years (2020: 7.73 years).
Movement in the number of share options and SARs outstanding during the year, including grants, exercises and forfeitures were as follows:
Share acquisition Share Options rights Total Outstanding at 1 January 2020 1,175,000 515,000 1,690,000 ------------------------- ----------------------------------- ------------------------ ---------------------------- Granted on 15 July 2020 (0.965p) 300,000 132,500 432,500 Total granted during the year 300,000 132,500 432,500 ------------------------- ----------------------------------- ------------------------ ---------------------------- Exercised during the year - - - Total exercised during the year - - - ------------------------- ----------------------------------- ------------------------ ---------------------------- Forfeited during the year (0.97p) (15,000) (20,000) (35,000) Forfeited during the year (1.74p) - - - Forfeited during the year (2.15p) (195,000) (22,500) (217,500) Forfeited during the year (2.30p) (15,000) - (15,000) Forfeited during the year (1.46p) (120,000) (15,000) (135,000) Forfeited during the year (0.965p) (22,500) (7,500) (30,000) Total forfeited during the year (367,500) (65,000) (432,500) ------------------------- ----------------------------------- ------------------------ ---------------------------- Total outstanding at 31 December 2020 1,107,500 582,500 1,690,000 ------------------------- ----------------------------------- ------------------------ ---------------------------- Granted on 1 June 2021 (1.55p) 212,500 72,500 285,000 Total granted during the year 212,500 72,500 285,000 ------------------------- ----------------------------------- ------------------------ ---------------------------- Exercised during the year (40,000) (20,000) (60,000) Total exercised during the year (40,000) (20,000) (60,000) ------------------------- ----------------------------------- ------------------------ ---------------------------- Forfeited during the period (0.97p) (7,500) - (7,500) Forfeited during the year (2.15p) (75,000) - (75,000) Forfeited during the year (2.30p) (7,500) - (7,500) Forfeited during the year (1.46p) (67,500) - (67,500) Forfeited during the year (0.965p) (31,000) - (31,000) Forfeited during the year (1.55p) (15,000) - (15,000) Total forfeited during the period (203,500) - (203,500) ------------------------- ----------------------------------- ------------------------ ---------------------------- Total outstanding at 30
June 2021 1,076,500 635,000 1,711,500 ------------------------- ----------------------------------- ------------------------ ---------------------------- Exercisable at 30 June 2021 192,500 207,500 400,000 ------------------------- ----------------------------------- ------------------------ ----------------------------
During the period ended 30 June 2021 the Company recognised total expense; net of cash settled awards of GBP226,138 (2020: GBP198,845) related to the fair value of the share-based payment arrangements. This included GBP42,230 (2020: GBP149,905) related to equity-settled share options and GBP183,908 (2020: GBP48,940) from cash-settled SARs.
These amounts were determined using the Black Scholes model, with the following assumptions for each type of award granted:
Stock Options Weighted average fair value 0.886p ---------------- Weighted average exercise price 165.0p ---------------- Expected life of options (years) 8.4 ---------------- Risk free rate 1.70% ---------------- Dividend yield 0.0% ---------------- Volatility 53.0% ---------------- Share Appreciation Rights Weighted average fair value 0.986p --------------- Weighted average exercise price 151.7p --------------- Expected life of options (years) 7.7 --------------- Risk free rate 1.25% --------------- Dividend yield 0.0% --------------- Volatility 62.6% --------------- 7. Dividends
The Board is not recommending the payment of an interim dividend in respect of the period ended 30 June 2021. It does, however, anticipate that, should the business continue to progress favourably in H2, the Group will be in a position to pay a full year dividend.
8. Date of approval of interim financial statements
The unaudited consolidated interim financial statements were approved by the Board on 13 September 2021. Electronic copies are available on the Filta Group Holdings plc website, www.filtaplc.com.
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