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Franchise Brands plc, an international multi-brand franchise business, released its unaudited interim results for the six months ended June 30, 2024, showing resilient trading and strong cash generation.
The Groups key divisions achieved record system sales despite some anticipated moderation in demand across certain sectors.
Statutory revenue increased by 35% to £69.8 million, while adjusted <mark style="background-color:yellow">EBIT</mark>DA rose by 45% to £17.8 million.
The Pirtek Europe division generated record total system sales of £92.8 million, a 2% increase on a like-for-like basis.
The Water & Waste Services division, which includes Metro Rod, Metro Plumb, and Kemac, saw an overall system sales growth of 5% to £54.6 million.
Filta Internationals system sales in North America increased by 7% in local currency, while system sales in Europe remained flat.
The B2C division, comprising ChipsAway, Ovenclean, and Barking Mad, saw a 3% increase in system sales, driven by a 9% increase in average order values at ChipsAway.
The Board declared an interim dividend of 1.1 pence per share, reflecting a 10% increase from the previous year.
The Groups Adjusted net debt, used to test bank covenants, stands at 1.9x Adjusted EBITDA, in line with the medium-term strategic model.
The overall closing cash position includes cash of £13.7 million and Adjusted net debt of £69.9 million.
The Groups financial statements for the six months ended June 30, 2024, are unaudited and were approved by the Directors on September 16, 2024.