(Sharecast News) - Fulham Shore said most of its restaurants were closed to eat-in diners and remarked on the government's unpredictable measures for the sector as it reported a first-half loss caused by the Covid-19 crisis.
The owner of the Franco Manca pizza chain posted a £3m operating loss for the six months to the end of September compared with a £2.1m profit a year earlier.
Revenue fell 45% to £19.9m because of more than three months of shutdowns in the first coronavirus lockdown. Fulham Shore said it expected to gain in the long run from the crisis by paying lower rents for new restaurants.
The government put London into the strictest tier 3 measures on 16 December and on Thursday extended the restrictions to other parts of southern England. Fulham Shore joined Wagamama's owner The Restaurant Group in protesting about uncertainty created by the government.
"The majority of our estate is once again closed to dine-in customers," Fulham Shore chairman David Page said. "The situation is fluid and changes frequently and with little notice."
The Aim-traded group's shares fell 5% to 9.5p at 08:27 GMT.
Fulham Shore, which also owns The Real Greek chain, said the two restaurants it opened in the second half cost it less than half the typical outlay a year ago.
"The ongoing damage to the property and restaurant sectors will allow us to prospect for new sites at much reduced rents and lower capital costs per site," Page said "Over the next few years and once normal trading conditions return, we will target a higher return on capital than we have historically achieved."
11 Jul 2023 14:17
IN BRIEF: Fulham Shore takeover by Great Sea Kitchens effective
Fulham Shore PLC - London-based Franco Manca and The Real Greek owner - Says takeover by Great Sea Kitchens Ltd is now effective. This follows the April 5 announcement by Fulham Shore and Great Sea Kitchens to their respective boards that they had reached agreement on April 5 on the terms of a cash offer pursuant to which Great Sea Kitchens, newly-incorporated company established on behalf of Toridoll Holdings Corp, would acquire the entire issue and to be issued share capital of Fulham Shore for GBP93.4 million.
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