Fulham Shore H1 revenues up 35% on pre-Covid levels

Fulham Shore has reported that its revenues for the six months to 25 September 2022 (H1) have increased by 35% compared to the same period in 2019 prior to the onset of Covid-19, and revenues have also grown 25% year-on-year. Overall, the group traded in line with management expectations in spite of political and macroeconomic challenges, as well as recent train and tube disruptions. Fulham Shore said the performance was driven by the popularity of both Franco Manca and The Real Greek’s value-for-money propositions. Fulham Shore’s net cash position before lease liabilities under IFRS 16 was over £2.6m on 26 September 2022, and the group has undrawn bank facilities of £16.9m, providing “substantial” financial headroom of over £19.5m. Since the end of August, the group has opened four Franco Manca pizzeria in Lincoln, Hove, Chichester and Cardiff, and two The Real Greek restaurants in Gloucester Quays and Solihull. All of these new sites have reportedly been busy since opening, and these openings take the total number of restaurants operated by the group to 95. Additionally, the first The Real Greek in Scotland, located in the new shopping scheme St James Quarter, Edinburgh, is also being fitted out ready for a December opening. The group has also launched its debut range of five premium Franco Manca Chef’s Selection cook-at-home pizzas, available to purchase in over 500 UK supermarkets from this week. The group said it has the opportunity to expand into more stores over the coming year, and to partner with further grocery retailers from late 2023. Looking ahead, Fulham Shore said that macroeconomic challenges, including inflation, rising interest rates and political uncertainty, continue to affect consumer confidence and, combined with input cost inflation, are presenting more unstable and unpredictable trading conditions than at any time in recent memory. Fulham Shore plans to open around 18 restaurants during the 12 months to 26 March 2023, however the group will review on an ongoing basis its opening target for the 2024 financial year based on the evolving economic and political outlook. David Page, executive chairman, said: “After many months of careful development we are thrilled to launch our debut range of Franco Manca cook-at-home sourdough pizzas which are now available in over 500 supermarkets. This is a very exciting new strategic development for Franco Manca and The Fulham Shore. “We’re delighted that underpinned by the relevance of our Franco Manca and The Real Greek brands and their value-for-money propositions, both our established and new restaurants performed well during the first half of the group’s financial year.”