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Fulham Shore swings to profit as restaurant estate severs up 'good' performance

By BFN News | 09:37 AM | Tuesday 16 July, 2019


Fulham Shore swung to an annual profit as revenues grew 18% driven primarily by 'good' trading in the company's existing restaurant estate. For the year ended 31 March 2019, the company reported a profit before tax of £1.4m, compared with a loss of £0.1m and revenue growth of 17% to £64.0m. The company opened 4 new Franco Manca pizzeria and 1 closed during the year ended 31 March 2019 in the UK. Since the year end, 3 further Franco Manca pizzeria opened in Greenwich, Birmingham and Exeter and 2 further Franco Manca pizzeria were being built in Leeds and Edinburgh, the company said. 'This takes us well on the way to our target of eight to ten new restaurants by the end of the financial year, which would result in a group total of more than 68 restaurants by March 2020.' The current financial year to March 2020 had started well in both Franco Manca and The Real Greek restaurants, it added. 'Both our businesses are building customer numbers and they both continue to have significant growth potential. We are confident that the Group will perform well this year and we look forward to further financial and operational progress,' Fulham Shore said. In a separate statement, the company also announced the proposed acquisition, subject to shareholder approval, of a 1% stake in two of its subsidiaries: Kefi Limited, which owns the subsidiary that owns and operates The Real Greek restaurants; and Franco Manca Holdings , which owns the subsidiary that owns and and operates the Franco Manca pizzeria, for a total consideration of up to £650,658, payable in cash. At 9:37am: (LON:FUL) The Fulham Shore Plc share price was +0.75p at 12.25p Story provided by StockMarketWire.com

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