Franchise Brands CEO reports on “solid” H1 which included the acquisition of Pirtek Europe
Franchise Brands PLC (AIM:FRAN) executive chairman Stephen Hemsley speaks to Thomas Warner from Proactive after publishing the international, multi-brand franchisor’s interim results for the six months to 30 June 2023.
Hemsley gives an overview of the rationale for the acquisition of hydraulic hose specialists Pirtek Europe, which was completed in April and which doubled the size of the Group as well as expanding its operations into ten countries.
He emphasises that this acquisition aligns perfectly with Franchise Brand’s objective of expanding profits and franchise brands in North America, Europe, and the UK, while also diversifying the industries it serves.
When asked about how he feels the business performed in the first half of the year, he describes it as “pretty solid” before moving on to talk about the current strategic focus of the business which is on reducing debt and integrating Pirtek.
Hemsley also announced the recruitment of new CFO Mark Fryer and concludes by saying that he expects full-year profits to be “at least in line” with the existing forecast of £29mln.