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Filta Group - decent results but change in business mix looks puzzling

Filta Group - decent results but change in business mix looks puzzling
Shares in this hitherto franchised focused provider of fryer management services to commercial kitchens have fallen dramatically over the past few months. While the latest interim results appear to have been well received, the current business model looks somewhat less appealing to us.

We liked the look of Filta Group (LON:FLTA) on its AIM arrival in November 2016, largely because of the seemingly substantial growth opportunity in North America where it already has a substantial presence. It appeared to possess those perfect investment credentials of a simple well-managed business, supporting a boring service, which is in regular demand - there are even some environmental attractions.

Filta Group Holdings PLC is a group of businesses providing cooking oil, micro-filtration services and total fryer management to over 5,000 commercial kitchens in the United States, United Kingdom and mainland Europe.
The acquisition of Watbio…

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