Restaurant operator Fulham Shore delivers ‘resilient’ set of H1 results

15/12/2017 - 09:04
The Fulham Shore PLC, owner of casual dining chains Franco Manca and The Real Greek, has reported an increase in revenue and EBITDA for the first half of its year, primarily driven by new restaurant openings.

Revenue grew £27.5m from £19.5m during the six months ended 24 September 2017 compared to the same period last year, while EBITDA increased to £4.5m from £3.8m.

Fulham Shore opened three new Real Greek restaurants and seven Franco Manca pizzerias in the UK during the six month period along with an overseas Franco Manca opening in Salina, Italy.

The new sites included several outside of the group’s traditional London operational base, such as in Bournemouth and Reading.

Chairman David Page described the first half results, which included operating profit of £0.6m, a 20% year-on-year rise, as a "resilient set of financial results despite a challenging market backdrop".

“It has been another busy six months for the group, during which we have continued to make progress in delivering our growth strategy,” said Page.

“We have continued to invest in our teams and infrastructure to support our long-term growth plans. During the six months ended 24 September 2017, and as previously indicated, we commenced investing in the central team of The Real Greek as this business begins its national expansion.

“We also continued to invest in the team we have in place to support the continued expansion of Franco Manca.”

Since the periods end, the firm has opened both a Franco Manca and Real Greek in Bristol along with a new Franco Manca in King’s Cross, London, with “one or two more” planned by the end of 25 March 2018.

Including its sole international venture, Fulham Shore currently operates 43 Franco Manca branches and 15 Real Greek restaurants.

Earlier this year, it invested £200k for a minority equity interest in a new pizza concept called Made of Dough.

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