Franchise Brands trading at record levels

Franchise Brands plc, the AIM listed international multi-brand franchise business expects adjusted EBITDA profits for the year ended 31 December 2023 to be between £29.2m to £30.1m.

In a trading update issued this morning provides the following trading update for the financial year ended 31 December 2023.

Following the acquisition of Pirtek Europe in April 2023, the Group now has over 625 franchisees across seven franchise brands in ten countries covering the UK, Continental Europe and North America, resulting in a diversified international footprint.

Stephen Hemsley, Executive Chairman, commented: “In 2023 we once again doubled the size of the Group with the acquisition of Pirtek, having doubled in size in 2022 following the merger with Filta. These acquisitions have transformed the Group from a UK domestic business to a sizeable international business with seven franchise brands in ten countries, and from adjusted EBITDA of £8.5m in 2021 to c. £30m in 2023.

“The integration of these businesses into a single group focused on providing essential business services primarily via a franchised model is progressing well and at pace. We are beginning to share resources internationally, particularly in the area of IT, which will accelerate our operational gearing in the coming years for both us and our franchisees.

“We also see significant potential for growth across our principal franchise brands of Pirtek, Metro Rod and Filta, which have small shares of large markets. As we continue to deliver on our ambition by broadening the range of services offered, increasing the geographical penetration and cross-selling to the larger customer base, I am very confident in the future prospects of the Group.”