Register
Login:
Share:
Email Facebook Twitter


ASCENT RESOURCES: Gas flows mean cash flows to develop up to 15 wells


Fulham Sho Regulatory News (FUL)



Regulatory News for Fulham Sho (FUL)


Share Price: 12.75Bid: 12.00Ask: 13.50Change: 0.375 (+3.03%)Riser - Fulham Sho
Spread: 1.50Spread as %: 12.50%Open: 12.50High: 0.00Low: 0.00Yesterday’s Close: 12.375





AGM Statement and trading update

Wed, 6th Sep 2017 07:00

RNS Number : 9072P
Fulham Shore PLC (The)
06 September 2017
 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

 

6 September 2017

 

The Fulham Shore plc

("Fulham Shore", the "Company" or "Group")

 

AGM Statement and Trading Update

 

At today's Annual General Meeting, David Page, Chairman of the Company, will make the following statement:

 

Strategic progress

 

In the 2018 financial year to date, Fulham Shore has opened seven Franco Manca pizzeria in the UK, one Franco Manca franchise in Italy and three The Real Greek restaurants. This takes Fulham Shore's restaurant portfolio to 56 sites, comprising 15 The Real Greek, 40 Franco Manca and one Bukowski Grill. Many of the Group's new restaurants are located outside London, in line with our strategy of extending the reach of our core brands.

 

We are currently building two more Franco Manca pizzeria, in London and in Bristol, which are due to open later this autumn. The Group continues to anticipate opening 15 new restaurants in the current financial year, in line with expectations (10 have been opened so far, the latest two being Franca Manca Oxford and The Real Greek Dulwich Village).  However, given an increased availability of sites for sale due to the well-publicised pressures on other restaurant operators, we have decided to review our opening pipeline and to seek to improve terms with landlords of new sites we had already identified. This may delay some of our openings to later in this financial year.

 

In March 2017, the Company announced that it was reviewing the progress of its third business, a single franchise of the Bukowski Grill. In order to simplify operations and focus on the Group's core brands, Fulham Shore has taken the decision to sell its Bukowski franchise and site in D'Arblay Street, Soho. A further update will be announced in due course. 

 

Current trading

 

Despite hitting our Group targets for the first quarter of this financial year, during the holiday season in July and August the Group has seen a slowdown in trade, primarily from our restaurants in London suburbs. We believe this is a sector-wide trading pattern and not unique to our brands.  

 

In addition to this slowdown in revenue growth, as previously indicated, the Group is experiencing a higher fixed cost element to support its increased level of operations, especially in The Real Greek.

 

As a result of these two factors, the Board expects that, while Headline EBITDA (as defined in the Company's accounts) for FY18 will be significantly higher than that achieved in FY17, it is likely to be less than current market expectations.

 

Outlook

 

The Board is confident that the Group's Franco Manca and The Real Greek brands offer customers delicious, well-priced dining options in congenial surroundings. The Board believes that these strengths will see Fulham Shore through the current uncertain market conditions. We believe that both of our key brands have significant further growth potential and we continue to anticipate opening 15 new restaurants in the current financial year.

 

Whilst the casual dining sector continues to face a number of cost pressures, the Group does not intend to raise menu prices in the short term as we believe this is one of the fundamental reasons for the success of both The Real Greek and Franco Manca. In addition, the Group will continue to pay at least the national living wage to all its employees, including those under the age of 25, and we will look for more ways to retain and incentivise our talented and committed team.

 

Contacts:

 

The Fulham Shore plc

www.fulhamshore.com

David Page

 

Telephone: 020 7796 4133

Allenby Capital Limited

Nick Naylor / Jeremy Porter / James Reeve

 

Tel: 020 3328 5656

 

Hudson Sandler - Financial PR

Alex Brennan / Lucy Wollam

fulhamshore@hudsonsandler.com

Telephone: 020 7796 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, as well as operating a Bukowski Grill restaurant in Soho.

 

The Real Greek

 

Since its foundation in London in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 15 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 40 restaurants, primarily in London, but with recent openings in Southampton, Bournemouth and Reading. Other locations outside London are in the opening pipeline for the next 12 months.

 

Franco Manca's pizza is made from slow-rising sourdough and is baked in an oven that produces heat of about 500°c (930°F). 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 £4.95.

 

Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016

 

"If you only eat one pizza this year, make sure it's at Franco Manca" - Tatler (2011)

 

"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
 
END
 
 
AGMUGUAWBUPMGRA


Related Shares:
The Fulham Shore (FUL)




DateSourceHeadlineCategory
04-Oct-17 07:00RNSDirector/PDMR ShareholdingDirectors' Dealings
21-Sep-17 07:00RNSHolding(s) in CompanyHolding(s) in Company
07-Sep-17 18:00RNSPDMR ShareholdingDirectors' Dealings
07-Sep-17 12:15RNSDirector/PDMR ShareholdingDirectors' Dealings
07-Sep-17 07:00RNSDirector/PDMR ShareholdingDirectors' Dealings
06-Sep-17 12:47RNSResult of AGMResults and Trading Reports
06-Sep-17 12:40RNSDirector/PDMR ShareholdingDirectors' Dealings
06-Sep-17 07:00RNSAGM Statement and trading updateResults and Trading Reports
16-Aug-17 09:20RNSPosting of Annual Report and Notice of AGMResults and Trading Reports
31-Jul-17 11:35RNSGrant of optionsDirectors' Dealings
12-Jul-17 07:00RNSFinal ResultsResults and Trading Reports
05-Jul-17 07:00RNSNotice of ResultsAdvance Notice of Results
28-Apr-17 07:00RNSPDMR ShareholdingDirectors' Dealings
03-Apr-17 07:00RNSYear end trading updateResults and Trading Reports
22-Mar-17 07:00RNSHolding(s) in CompanyHolding(s) in Company
17-Mar-17 09:26RNSGrant of optionsCompany Announcement - General
11-Jan-17 15:45RNSDirector/PDMR ShareholdingCompany Announcement - General
16-Dec-16 07:00RNSHalf-year ReportResults and Trading Reports
31-Oct-16 16:31RNSTotal Voting RightsHolding(s) in Company
14-Oct-16 18:10RNSDirector/PDMR ShareholdingCompany Announcement - General
26-Sep-16 09:52RNSDirectorate ChangeExecutive Changes
08-Sep-16 16:43RNSPDMR ShareholdingCompany Announcement - General
31-Aug-16 07:00RNSTotal Voting RightsHolding(s) in Company
25-Aug-16 10:52RNSResult of AGMResults and Trading Reports
25-Aug-16 07:00RNSAGM StatementResults and Trading Reports
05-Aug-16 14:10RNSExercise of warrantsCompany Announcement - General
03-Aug-16 15:02RNSPosting of Annual Report and Notice of AGMResults and Trading Reports
28-Jul-16 13:22RNSGrant of optionsCompany Announcement - General
14-Jul-16 07:00RNSFinal ResultsResults and Trading Reports
22-Jun-16 17:52RNSDirector ShareholdingCompany Announcement - General


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.