Franchise Brands (GB:FRAN) has released an update.
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Franchise Brands PLC has reported significant growth with a 88% increase in system sales to £350.1m and a 97% rise in Adjusted EBITDA to £30.1m for the year ended 31 December 2023, following the strategic acquisition of Pirtek Europe Ltd. The acquisition has successfully doubled the size of the group and integration is on track, contributing to a strong cash flow that will be directed towards debt reduction and a progressive dividend policy. Despite challenges in certain sectors and a potential impact on profits due to accounting changes and lower used oil prices in the US, the company is confident in achieving its medium-term financial targets.
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