REG - Fulham Shore PLC - Trading update and extension of results deadline

Fulham ShoreAnnouncement

28/09/2020 07:00

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RNS Number : 2197A  Fulham Shore PLC (The)  28 September 2020

The information contained within this announcement was deemed by the Company
to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 ("MAR").

 

28 September 2020

The Fulham Shore PLC

("Fulham Shore", the "Company" or the "Group")

 

Trading update and extension of deadline for publication of audited results to
29 March 2020

 

The Board of Fulham Shore ("Board") announces an update on trading ahead of
the publication of its audited results for the year ended 29 March 2020 ("FY20
Results") and an update on the timing of publication of the FY20 Results.

 

Timing of publication of FY20 Results

 

The Company previously announced that it anticipated that the FY20 Results
would be published at the end of September 2020. However, as a result of the
most recent measures put in place by the UK Government in order to control the
spread of COVID-19 and additional work now required, it is now anticipated
that the FY20 Results will be published on or around 15 October 2020. The
Company has been granted by AIM Regulation an extension to the deadline by
which it is required to publish its FY20 Results pursuant to the Inside AIM
guidance published on 26 March 2020. Pursuant to the extension, the Company is
now required to publish its FY20 Results by 29 December 2020.

 

The Company's deadline to file the annual report and accounts for the year
ended 29 March 2020 with Companies House has been extended to 31 December
2020.

 

Trading update

 

Subject to the finalisation of the audit of the FY20 Results, the Company
expects to report revenue growth of 7.2% to £68.6 million (2019: £64.0
million). Following the completion of the placing and extension to its banking
facilities in August 2020, the Group remains well capitalised. The Group's net
debt (before recognition of leases under IFRS 16) at the close of business on
25 September 2020 was £3.52 million, with £7.46 million undrawn of its
£25.75 million of available banking facilities.

 

Since the year end, the Group opened a new Franco Manca on The Cut, near to
the Old Vic theatre and Waterloo Station in London, in mid-September. As at
the date of this announcement, Fulham Shore has 68 out of its 70 restaurants
open and trading. Additional safety precautions and training were instigated
throughout the Group's estate prior to re-opening for dine-in on 4 July 2020,
with further improvements made following updated UK Government guidelines last
week.

 

Thanks to the UK Government's "Eat Out to Help Out" scheme, Group revenues for
the days when the scheme was operating increased markedly compared to those in
the previous year.

 

As of 24 September 2020, the UK and Scottish Governments imposed further
trading restrictions to combat the spread of COVID-19. This included a 10pm
curfew for all restaurants and bars.  The Board does not believe that this
curfew will have a material effect on the Group's dine-in business, as the
majority of its customers eat before then.

 

The Group will continue to react and adapt if and when new regulations come
onto force in the areas where it has restaurants. If, as before, delivery and
/ or takeaway services are permitted and dine-in is curtailed, the Company
will pivot the business in this direction as it did earlier in the year.

 

David Page, Chairman of the Company, commented: "We are popular with the
public, well capitalised and have headroom in our borrowing facilities. We
believe that these positive attributes, combined with our cash balances, will
see us emerge from this period as a successful survivor in an albeit reduced
UK restaurant sector."

 

 

For further information, please contact:

 

 The Fulham Shore PLC                                            www.fulhamshore.com (http://www.fulhamshore.com/)
 David Page                                                      Via Hudson Sandler

 Allenby Capital Limited

 Tony Quirke / Jos Pinnington (Sales)                            Tel: 020 3328 5656

 Nick Naylor / Jeremy Porter / James Reeve (Corporate Finance)

 Hudson Sandler - Financial PR                                   fulhamshore@hudsonsandler.com (mailto:fulhamshore@hudsonsandler.com)

 Alex Brennan / Lucy Wollam                                      Telephone: 020 7796 4133

 

 

Notes for editors

 

Information on The Fulham Shore PLC

 

Fulham Shore was incorporated in March 2012. The Directors believed that there
were attractive investment opportunities within the restaurant sector in the
UK and that, given their collective experience in the restaurant sector, they
could take advantage of the opportunities which existed.

 

The ordinary shares of the Company were admitted to trading on AIM in October
2014 in order to capitalise on such opportunities and to give the company
employees, customers and public the ability to share in the enterprise.

 

Today, Fulham Shore owns and operates "The Real Greek" (www.therealgreek.com
(http://www.therealgreek.com) ) and "Franco Manca" (www.francomanca.co.uk
(http://www.francomanca.co.uk) ) restaurants.

 

The Real Greek

Since its foundation in London in 1999, The Real Greek group has grown
steadily, now offering modern Greek cuisine in 18 restaurants (17 of which
have so far reopened) across London and Southern England.

 

The Real Greek food centres on the delicious, healthy diet of the Eastern
Mediterranean, staying true to the Greek ethos of food, family and friends.
Dishes are created using premium ingredients sourced from Greece and Cyprus
whenever possible, and developed by Tonia Buxton, the face of Greek food in
the UK.

 

The Real Greek's menu and atmosphere retain the spirit of eating in Greece,
encouraging diners to take their time eating amongst friends and family, be it
a relaxed dinner, family get-together, or a fully catered party.

 

Franco Manca

Franco Manca opened its first restaurant in 2008 and now has 52 restaurants
(51 of which have so far reopened), primarily in London, but also with
restaurants across the UK (e.g. Edinburgh, Manchester, Leeds, Cambridge, Bath,
Oxford, Bristol and Exeter). Franco Manca also has a franchised pizzeria on
the island of Salina in Italy.

 

Franco Manca's pizza is made from slow-rising sourdough and is baked in an
oven that produces high heat. The slow levitation and blast cooking process
lock in the flour's natural aroma and moisture, giving a soft and easily
digestible crust. Where possible, locally sourced and organic ingredients are
used. Pizza prices start from £5.20.

 

Franco Manca has received the following accolades:

 

Winner of the Casual Dining Best Family Dining Experience Award 2020

Winner of the R200 Best Value Restaurant Operator- Over 20 Sites Award 2019
and 2017

Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016

 

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