FRAN - Franchise Brands says it is on track to meet earnings targets following smooth Pirtek integration
(NewsDirect)
Franchise Brands PLC executive chairmanStephen Hemsley told Proactive's Stephen Gunnion that , despiteseeing some softer demand during the summer, the B2B businesses of thecompany are trading at record levels.
Contributing factors for this dip in summer demand includeunusually poor UK weather in July and August and a general economicslowdown in Europe. However, there was a notable uptick in the fourthquarter, with October and November registering strong months for thebusiness. The acquisition of Pirtek in April this year has beenbeneficial, even with the challenges of managing acquisitions. Hemsleyexpressed satisfaction with Pirtek's integration into theFranchise Brands business, particularly with IT integration.
Aforthcoming "growth summit" in Amsterdam will provide aplatform for further idea exchange. Hemsley said he remains confidentthat the company will deliver adjusted EBITDA in line with marketexpectations. One challenge has been higher interest rates thaninitially budgeted. After reducing group net debt from £79.1 millionin June to £76 million at the end of September, Hemsley alsohighlighted that management of working capital and debt, particularlyafter the Pirtek acquisition, remains a priority.
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