Filta Group shares surged almost 9% on Monday morning after the group released a trading statement for the financial year ended 31 December 2020.
Amid the pandemic, the group focused on net-debt cash position to navigate the unexpectedly challenging period. As a result, net debt was reduced by 42% to £0.5m. Cash and cash equivalents at the year-end was up from £2.9m to £4.2m.
The opening of restaurants in the summer in the UK led to a resurgence in demand from customers. Demand for Filta’s services has remained resilient despite the new restrictions over autumn and many customers are still operating food take-away and delivery.
Despite the further lockdown restrictions Filta Group’s stronger cash position and continued demand from major customers provides more certainty than at any time. The actions taken have meant that the group is “well placed to perform strongly and thrive, once more normal trading conditions return.”
Amid the uncertainty, Filta Group is not predicting when that will be, however, the vaccine roll-out and the pent-up demand for customers’ services give them cause for optimism.
Chief executive of Filta Group, Jason Sayers said: “The business has worked hard to put itself in a much stronger position for when restrictions are eased across all our territories. Importantly, our cash position has improved and we have an encouraging sales pipeline. Despite the difficult circumstances, we have won new contracts, launched new services and sold new franchises, all of which gives us a stronger platform for growth.”
Filta Group shares (LON: FLTA) are trading +9.01% at 101,92 (1101GMT).