Trading Update and Notice of Final Results
08/06/2022 07:00
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RNS Number : 0733O Fulham Shore PLC (The) 08 June 2022
8 June 2022
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
Trading Update and Notice of Final Results
The Board of The Fulham Shore PLC is pleased to provide an update on trading
for the first two months of its financial year ending 26 March 2023.
In addition, the Company announces that its annual results for the year ended
27 March 2022 will be released on 21 July 2022.
Trading Update
The Group has continued to trade well and in line with management expectations
during April and May 2022. We are now serving over 100,000 customers per week
in Franco Manca and over 40,000 customers per week in The Real Greek,
reflecting the popularity of the two businesses as well as their reputation
for quality and value.
Tourists seem to have returned to London's West End and many cities around the
UK. The small number of Franco Manca and The Real Greek restaurants that are
located in areas with a high proportion of offices still have a way to go to
return to pre-pandemic levels but are showing continued improvement.
Industry-wide cost pressures have been mitigated by some menu inflation,
successful negotiations on rent reviews and by the strong trading across the
Group's restaurants located in suburban areas and shopping centres.
New restaurant growth
The Group grew by 10 new restaurants in the financial year ended 27 March 2022
and has opened three more since the year end: The Real Greek in Newcastle and
two Franco Manca pizzeria in Canterbury and Kingston upon Thames.
Eight further Franco Manca are being fitted out throughout the UK including in
Peterborough, The Trafford Centre Manchester, Hove, Didsbury, Stockbridge
Edinburgh, Windsor and King Street in Central Manchester.
The Group has exchanged contracts on a site in Lincoln for Franco Manca and a
site for The Real Greek in Gloucester Quays.
Overall, 11 new restaurants are on track to open in the first half of this
financial year to March 2023 with two further locations already contracted.
This will go some way to reach our total target of 18 sites for the whole
year.
Cash and bank facilities
The Company's net cash position before lease liabilities recognised under IFRS
16 as at 6 June 2022 was £3.6m. The Group has undrawn bank facilities of
£15.9m, providing substantial financial headroom of over £19m.
Outlook
Trading has rebounded positively from the various Covid-19 interruptions and
new openings in both of the businesses are performing strongly.
Our customer numbers continue to grow and we have an expansion programme
targeting prime new locations benefitting from historically low rental levels,
the likes of which have not been seen for many years.
David Page, Executive Chairman, commented: "We are pleased to report good
trading during the first two months of the current financial year. This
performance continues to be underpinned by the outstanding reputations for
great value and high quality food enjoyed by both our restaurant businesses.
"Our new restaurant openings across the UK continue to trade very well, and we
have an exciting pipeline of new sites for the remainder of the financial
year. We continue to be very optimistic about the significant growth
opportunities for new Franco Manca and Real Greek restaurants over the coming
years."
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com (http://www.fulhamshore.com/)
David Page / Nick Wong Via Hudson Sandler
Singer Capital Markets (Nominated Adviser & Broker) +44 (0) 20 7496 3000
Shaun Dobson / James Moat / Kailey Aliyar
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 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.
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.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has grown
steadily, now offering modern Greek cuisine in 23 restaurants primarily in
London and Southern England but with restaurants across the UK (e.g.
Manchester, Newcastle and Norwich).
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 61 restaurants,
primarily in London, but also with restaurants across the UK (e.g. Edinburgh,
Glasgow, Manchester, Leeds, Cambridge, Bath, Oxford, Bristol and Exeter).
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.
Franco Manca has received the following accolades:
Winner of Peach 20/20's Consumer Choice Award at the 2021 Hero & Icon
Awards
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
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