Good morning. Thanks to Roland for all his support this week, keeping me sane. what a star! I'm so lucky to have such smashing support here.

Timing - I have to be finished by noon, in order to meet a SCVR reader for lunch at TGIs, for research porpoises.

Agenda -

Fulham Shore (LON:FUL) - an encouraging trading update from this restaurant chain, with trade close to pre-pandemic levels despite space restrictions. Is the valuation up with events, though?

Premier Miton (LON:PMI) - half-year results from this fund manager and a welcome return to fund inflows but uncertainty remains over the merger.

Watkin Jones (LON:WJG) (I hold)

I'm sorry to see the founding family selling down again, a substantial amount (20.58m shares) at a discount, sold at 210p, 8% of the company. That messes up the upside case for me, so might have to top slice my own position. They cannot talk up the price, whilst selling, sorry call me old fashioned. Peel Hunt seem to be losing their touch. A poor price achieved here, and my city sources tell me that PH weren't really interested in the Revolution Bars (LON:RBG) (I hold) placing recently. Time to bring in more enthusiastic brokers maybe? Or is the market just suffering deal fatigue? Answers on a postcard to broadcasting house please.


Roland’s section

Fulham Shore (LON:FUL)

16.5p (+4.6%) - market cap £98m

Trading update

Restaurant group Fulham Shore (LON:FUL), which runs the Franco Manca and The Real Greek chains, has issued a post-reopening trading update today. The numbers look encouraging to me and suggest there’s plenty of pent-up demand. Unsurprisingly, perhaps.

For some more background on this business, it’s worth looking at Paul’s last update in April.

Fulham Shore says that 71 out of its 73 restaurants have now reopened for indoor dining, while continuing to offer takeaway.

Revenues for the first full week of indoor dining (17-23 May) were 103% of the equivalent week in calendar 2019, when the company had 61 restaurants.

On a more meaningful like-for-like basis, revenue was 92% of 2019 levels.

I agree with the company’s view that this is “very encouraging”, given ongoing social distancing restrictions.

Interestingly, the company says that membership of its loyalty scheme has…

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