Fulham Shore ‘performing ahead of management's expectations’ amid strong revenue growth

06-Dec-2021 - Last updated on 06-Dec-2021 at 11:10 GMT

Fulham Shore says it is ‘performing ahead of management's expectations’ in its half-year results, with revenues across the group rising by more than 100%.

For the six months ended 26 September 2021, the Franco Manca and The Real Greek operator saw revenues increase by 103% to £39.5m compared to 2020, and up by 10% compared to the half year to September 2019 – the most recent pre Covid comparable period.

This was despite being able to trade without operating restrictions for only 10 out of the 26 weeks of the half year.

Adjusted headline earnings before interest, tax, depreciation and amortisation (EBITDA) was £6.9m, with both Franco Manca and The Real Greek’s revenue, headline EBITDA and profit before tax ahead of the same period prior to Covid in 2019.

In total, the group reported a profit after tax of £2.4m, following a loss of £3.9m in 2020.

During the period, two new Franco Manca pizzerias opened in Glasgow and Holborn; and one new The Real Greek restaurant opened in Norwich – taking Fulham Shore’s estate to 75 sites in total.

A further three restaurants – two Franco Manca, and one The Real Greek – have opened following the end of the period; with another two, One Franco Manca and one The Real Greek, currently being fitted out.

The group adds that another 21 potential sites are in solicitors' hands for both Franco Manca and The Real Greek.

In response to the hospitality sector’s well-publicised staffing crisis, the group says it has increased its training programmes for new entrants into the restaurant sector, with these initiatives leading to the number of vacancies in the group ‘falling materially’.

As previously reported, Franco Manca will also soon make its international debut in Greece following a franchise deal that will see a minimum of six pizzeria’s open in the country over the next three years.

"With strong revenue growth in the half year and continued buoyant current trading, Fulham Shore is performing ahead of management's expectations with many restaurants throughout the UK continuing to break weekly trading records,” says David Page, chairman of Fulham Shore.

“This augurs well for the group's full year performance, which we expect to be now ahead of market expectations, and our UK wide expansion plans.”