Metro Plumb bucks business downturn
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Metro Plumb has reported an excellent first quarter despite challenging business conditions across the globe.
Metro Plumb says that itís still seeing a strong demand for its services among B2B customers and recorded a great first quarter, even with the impact of the COVID-19 pandemic on demand.
Many industries including plumbing have been deemed essential by the UK government, meaning that the plumbing franchiseís network has still been able to help businesses across the country with emergencies. Parent group Franchise Brands recorded impressive growth across its B2B (business to business) division, which includes Metro Rod and its offshoot franchise Metro Plumb. Underlying earnings (EBITDA) for its franchisees were 42% higher year-on-year in the first quarter of 2020.
A number of cost-saving measures have been implemented across Franchise Brandsí head office teams, including staff furloughs and salary cuts for senior staff, but the group reported that many of its franchisees are still generating a good income. Franchise Brands added that it anticipated a ďstrong recoveryĒ for B2B franchises like Metro Plumb, predicting that work would return to normal for its franchisees as soon as business premises were in use again.
Speaking about the current situation, Stephen Hemsley, executive chairman of Franchise Brands, explained:
"The group had strong momentum ahead of the [coronavirus] crisis, with Q1 trading showing significant growth on the prior year and a continuation of the accelerating rate of sales growth in its B2B division in particular. We have taken all the necessary actions to enable us to trade through this current uncertain period profitably, albeit at a significantly lower level.Ē
Whatís more, Franchise Brands has said itís still exploring exciting new brands to acquire in the near future, so it can expand the excellent services offered by franchises like Metro Plumb.
Find out more about becoming a Metro Plumb franchisee on its client page.
Sophie Cole, Point Franchise ©
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