Franchise Brands’ confirms in its AGM statement today that it is trading in line with consensus market expectations for FY24 of adjusted EBITDA of £35.7m to £37.2m, therefore we make no changes to our forecasts. Importantly, we are pleased to see a further reduction in adjusted net debt which has fallen from £74.7m at year-end FY23 to below £70m at the end of H1 FY24 and is now below 2x forecast FY24 EBITDA. Our forecasts see the net debt/EBITDA ratio falling to 1.8x by the end of FY24 and to c. ....
