Franchise Brands (FRAN) Trading Update summary

Trading update

• Adjusted EBITDA for FY23 expected at the top end of market expectations, between £29.3m and £30.1m.

• Recent acquisition of Pirtek Europe increased market capitalisation and audit requirements.

Dividend and AGM

• Proposed final dividend for FY23 is 1.2p per share, raising the total annual dividend by 10% to 2.2p per share.

• Final dividend to be paid on 25 July 2024, subject to shareholder approval.

• AGM initially scheduled for 27 June 2024 will be adjourned and resumed on 18 July 2024 due to timing of annual report distribution.

Audit and reporting

• Audit process delayed by new requirements as an Other Entity of Public Interest, leading to a comprehensive review of accounting policies.

• Annual report and full year results to be posted and announced in the week ending 21 June 2024.