Franchise Brands’ pre-tax profits tripled during the first half of its financial year while the listed company’s revenue also jumped by nearly 20%.
The Macclesfield-headquartered business has reported a statutory pre-tax profits of £2.6m for the six months to June 30, 2021, up from the £900,000 it achieved during the same period in 2020.
The group’s revenue also increased from £24.2m to £28.6m while its adjusted EBITDA went from £2.8m to £4.2m.
READ MORE: Revealed: How British fashion designer Amanda Wakeley’s business collapsed into administration
The current market consensus for Franchise Brands’ full-year results is for the group to achieve a revenue of £56.7m, a rise from £49.3m, and an adjusted EBITDA of £7.85m, higher than the £6.6m it posted in 2020.
The company currently has a combined network of over 400 franchisees across Metro Rod, Metro Plumb, Willow Pumps, ChipsAway, Ovenclean and Barking Mad.
The combined trading history of all the group’s brands is over 135 years.
Franchise Brands employs more than 260 people across three principal locations in Macclesfield, Kidderminster and Aylesford.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more, follow our BusinessLive North West LinkedIn page here.
Executive chairman Stephen Hemsley said: “The first half of 2021 has been a period of strong recovery from the Covid-impacted performance in 2020, despite the lockdown in Q1.
“The strength of our brands, our people and our franchisees have allowed us to weather the storm and emerge fitter and stronger as both a team and as a business. We look forward to the second half of the year and beyond with great optimism.
“We are confident that the full year performance will be ahead of current consensus market expectations.”
Credit: Source link