Franchise Brands 'encouraged' following record quarter from Metro Rod

Multi-brand franchisor Franchise Brands' chief executive Stephen Helmsley told investors at the group's annual general meeting on Tuesday that he was encouraged by the group's overall trading performance in the first quarter.

Franchise's subsidiary Metro Rod's forward momentum in the first quarter "continued apace", as its franchise network grew system sales 12.9%, resulting in a record quarter.

Elsewhere, the AIM-listed outfit said its strategy of providing franchisees with sales and marketing support and new IT systems saw 12 of its franchisees achieve "year-on-year growth of over 30%" in the first three months 2019.

Helmsley said: "We are encouraged to see that our B2C brands, ChipsAway, Ovenclean and Barking Mad, have had a positive start to the year and that franchisee recruitment has improved.

"Overall, the group is trading well, and the board looks forward to the remainder of the year with confidence."

As of 1040 BST, Franchise shares were up 2.37% at 86.50p.