Franchise Brands’ year-end update confirms FY25E adj. EBITDA is expected to be in line with market expectations enabling us to upgrade from our bottom of the range forecasts. Underlying demand for the Group's essential reactive and planned services in FY25E was resilient despite the challenging market conditions. System sales grew by +2% and strong cash flow supported deleveraging and ongoing investment for growth. The short-term outlook remains cautious, but we retain our view that UK interest ....
