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Fulham Shore revenues top pre-Covid levels in recent weeks
10th Sep 2021 08:34
(Sharecast News) - Restaurant company Fulham Shore updated the market on its recent trading on Friday, reporting that since it released its final results on 17 August, revenues had continued to grow.
The AIM-traded operator of the Franco Manca and Real Greek brands said that in the three completed weeks to 5 September, group revenues for all restaurants had increased 27% over the same part of 2019, pre-pandemic.
That represented a "marked acceleration" from the 8% average increase for the eight weeks ended 15 August, the board said.
The group's 17 restaurants in London's West End, as well as city centre office locations, though still down on 2019 levels, had in the three week period continued to see a week-by-week improvement in footfall and revenues as tourists and office workers began to return.
So far, during the group's current financial year ending March, Fulham Shore had opened two Franco Manca and, most recently, its 20th Real Greek in Norwich.
The company said the Chantry Place location had opened with "strong trading", serving an "enthusiastic" local market.
That opening took the total number of restaurants operated by the group to 75.
Since 17 August, fitting out works had started on two new Franco Manca pizzeria, in Blackheath Village and on Baker Street in London.
The board said 15 more potential sites were in solicitors' hands for both Franco Manca and Real Greek.
"We are very encouraged by the accelerating revenue growth trends during recent weeks despite continued challenging trading conditions," said chairman David Page.
"This reflects the popularity and relevance of both Franco Manca and the Real Greek, underpinned by their great food and fantastic value.
"We continue to see a number of exciting growth opportunities and are on course to open 10 locations during the current financial year, with more than 150 additional sites in our medium-term plans."
Fulham Shore said it would provide another trading update at its annual general meeting on 29 September amid "evolving" market conditions.
At 0816 BST, shares in Fulham Shore were up 4.68% at 19p.
The AIM-traded operator of the Franco Manca and Real Greek brands said that in the three completed weeks to 5 September, group revenues for all restaurants had increased 27% over the same part of 2019, pre-pandemic.
That represented a "marked acceleration" from the 8% average increase for the eight weeks ended 15 August, the board said.
The group's 17 restaurants in London's West End, as well as city centre office locations, though still down on 2019 levels, had in the three week period continued to see a week-by-week improvement in footfall and revenues as tourists and office workers began to return.
So far, during the group's current financial year ending March, Fulham Shore had opened two Franco Manca and, most recently, its 20th Real Greek in Norwich.
The company said the Chantry Place location had opened with "strong trading", serving an "enthusiastic" local market.
That opening took the total number of restaurants operated by the group to 75.
Since 17 August, fitting out works had started on two new Franco Manca pizzeria, in Blackheath Village and on Baker Street in London.
The board said 15 more potential sites were in solicitors' hands for both Franco Manca and Real Greek.
"We are very encouraged by the accelerating revenue growth trends during recent weeks despite continued challenging trading conditions," said chairman David Page.
"This reflects the popularity and relevance of both Franco Manca and the Real Greek, underpinned by their great food and fantastic value.
"We continue to see a number of exciting growth opportunities and are on course to open 10 locations during the current financial year, with more than 150 additional sites in our medium-term plans."
Fulham Shore said it would provide another trading update at its annual general meeting on 29 September amid "evolving" market conditions.
At 0816 BST, shares in Fulham Shore were up 4.68% at 19p.