Fulham Shore PLC (The) Trading Statement (1763H)
09 March 2018 - 2:36AM
UK Regulatory
TIDMFUL
RNS Number : 1763H
Fulham Shore PLC (The)
08 March 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
8 March 2018
The Fulham Shore plc
("Fulham Shore" or the "Company")
Trading Statement
The Fulham Shore's current financial year ends on 25 March 2018
and the results for that year will be announced in mid-July
2018.
We expect to report an increase in turnover and Headline EBITDA*
for the year ending 25 March 2018 over the last financial year
ended 26 March 2017. Whilst turnover for the year ending 25 March
2018 will be broadly in line with market expectations, our Headline
EBITDA will, however, be below market expectations. This is
primarily due to trade in our suburban London restaurants which,
whilst they are still busy, are serving fewer customers than last
year with higher operating costs.
We have opened 13 new restaurants in the financial year to 25
March 2018, taking the number of restaurants operating at the year
end to 41 Franco Manca pizzerias in the UK, 1 Franco Manca pizzeria
franchised in Italy and 16 The Real Greek restaurants. We are
currently building a new Franco Manca pizzeria in Bath and we have
exchanged contracts on a site for later in the year on South St
Andrew Street, Edinburgh.
We are operating in an uncertain economic outlook for both the
UK and the restaurant sector in particular. As a consequence, we
will bring forward our plans only to fund new restaurant openings
from our internally generated free cash flow by reducing the number
of new restaurant openings for the coming year. We will also choose
those locations that we believe will give us above average returns
and sensible property deals.
We continue to offer freshly prepared food at great prices
which, we feel, has led to our continuing profitability. All of our
cash generated is reinvested back into the business. With this
policy we keep our prices low and create jobs in new restaurants.
Many of our employees are shareholders, creating a 'super family'
of investors. In addition, our restaurant sites have been chosen
with care and we have avoided property leases with excess space or
particularly high rents.
This affordable menu position is where we believe we should be
placed within the restaurant sector. We believe that this, along
with a prudent opening plan, puts us in a good position when the UK
economic environment improves.
* Headline EBITDA is defined in the accounting policies on page
35 of the Company's Annual Report for the year ended 26 March
2017.
Contacts:
The Fulham Shore plc www.fulhamshore.com
David Page Tel: 07836 346 934
Allenby Capital Limited
Nick Naylor / Jeremy Porter Tel: 020 3328 5656
/ James Reeve
Hudson Sandler - Financial fulhamshore@hudsonsandler.com
PR Telephone: 020 7796
Alex Brennan / Lucy Wollam 4133
Notes for editors
Information on The Fulham Shore plc
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.
Today, Fulham Shore owns and operates "The Real Greek"
(www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk)
restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 16 restaurants
across London and Southern England.
The company is an ambassador of Greek food and Greek hospitality
in the UK. 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 41
restaurants, primarily in London, but with recent openings in
Bournemouth, Reading, Oxford and Bristol. Other locations outside
London are in the opening pipeline for the next 12 months. Franco
Manca also has a franchised pizzeria on the island of Salina in
Italy.
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces heat of about 500degc (930degF). 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. Pizza prices start from GBP4.95.
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites
Award 2017
Winner of MCA Retailer's Retailer Awards Best Concept award
2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award
2016
"Franco Manca is quite possibly the best pizza restaurant to
ever exist in London." - Metro (2016)
This information is provided by RNS
The company news service from the London Stock Exchange
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