Franco Manca’s Fulham Shore hails rising revenues after its full-year slip
Fulham Shore, which owns Franco Manca, has hailed rising revenues in its latest trading update after it fell behind 2020’s recording.
The hospitality group pulled in £40.3m in revenue in the year to 28 March, plunging 41.3 per cent from the £68.6m it raked in last year.
But in the three weeks to 5 September, group revenues for all its restaurants, which also includes The Real Greek, have jumped 27 per cent in comparison with its 2019 revenue.
Shares were up 0.55 per cent at 18.25p per share by mid-morning.
The group’s restaurants have been left vulnerable to footfall levels since restrictions on indoor and outdoor dining eased earlier this summer.
Fulham Shore noted that while its restaurants in London’s West End and the city centre have seen weekly increasing levels of foot traffic, its 17 restaurants in these areas of the capital are still down on pre-pandemic levels.
Despite this, chairman David Page, assured that the group’s expansions plans were still on track.
“We are very encouraged by the accelerating revenue growth trends during recent weeks despite continued challenging trading conditions,” Page said in a statement.
“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.”
Since its full-year trading update in mid-August, the group has begun fitting out two new Franco Manca pizzeria in Blackheath Village and on Baker St in London.
Fulham Shore has also opened two Franco Manca and, most recently, its 20th The Real Greek in Norwich.
While 15 more potential sites are “in solicitors’ hands” for both Franco Manca and The Real Greek, the group said.