The Fulham Shore Plc has posted an update on trading ahead of results for the year ending 31 March 2019, which are expected to be released in mid-July 2019.
The group expects both revenue and headline EBITDA to be ahead of last year’s figures and in line with market expectations. The growth has been driven by increasing customer numbers in our existing restaurants and new restaurant openings.
Its two restaurant businesses - Franco Manca and The Real Greek - have steadily increased their turnover each quarter of this financial year, both in total revenue, and in comparison to the previous year. This culminated in a particularly strong trading performance towards the end of the financial year.
As Fulham Shore predicted, and in line with its growth strategy, the situation prevailing in prior years, where our new London Franco Manca openings initially borrowed sales and customers from nearby existing Franco Manca, has now ended. As a result, many of the early sites are now achieving growth again, reflecting the underlying quality and value of the Franco Manca customer proposition.
The Real Greek continues to trade well, especially in warmer, sunny weather due to the availability of outside seating.
The firm is ending the financial year with 61 restaurants, comprising 44 Franco Manca in the UK, 1 Franco Manca in Italy and 16 The Real Greek. We opened four new Franco Manca in the financial year ending 31 March 2019. Two of these pizzeria are outside London, in Bath and Cambridge, with the third just off the Aldwych in London and the fourth, opening last week, opposite the steps of St Paul’s Cathedral and the London
On current movement, one new Franco Manca restaurant is currently being built in Greenwich, and this will open early in the new financial year. Also, the group has signed a site for a Franco Manca pizzeria in Edinburgh and are in legal negotiations on other restaurant leases across the UK. These will be for openings targeted in the summer or autumn of 2019. The Real Greek is also negotiating for a number of new sites around the UK.
Looking forward, assuming customer numbers continue to grow and trading continues to be robust, Fulham Shore plans to open an increased number of restaurants across both brands in the financial year ending March 2020.This increased opening schedule will be financed primarily by internally generated cash flow. The firm said it will continue to monitor Brexit through April 2019 as it occurs.