StockMarketWire.com - Kitchen services provider Filta warned on profit as a delay to implement measures to improve efficiency and higher costs kept a lid on growth in the second half of the year. The company said it expected its adjusted earnings for the second half of 2019 were likely to be similar to that reported for the first half of the year. Progress in the second half of 2019 of implementing cost savings and operational improvements in its UK fat, oils and grease (FOG) segment had been slower than anticipated. 'It has been necessary to divert resource to catch up on an order backlog in our FOG businesses and a small amount of installation work, which had been expected in the fourth quarter, has been delayed into 2020, the company said. 'Additionally, over the last 3 months we have invested in additional personnel to maximise the opportunities in the UK,' it added. The order backlog had now been eliminated, however, and the company said it would continue to focus on cost-reduction measures, which were anticipated, by the end of this year, to deliver savings of approximately a further £100,000 per month and should, therefore, contribute to a 'significant uplift in the UK operating margin in 2020.'

At 9:03am: [LON:FLTA] Filta Group Holdings Plc share price was -33p at 160p



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