(Alliance News) - Fulham Shore PLC on Monday said its first half revenue increased due to the launch of new restaurants as well as a rise in customer numbers.
For the half-year ended September 29, the restaurant operator posted revenue of GBP36 million, up 9.3% from GBP33.3 million in the comparative year ago period. Pretax profit, however, fell year-on-year to GBP743,000 form GBP1.5 million, mainly due to recognition of interest on lease liabilities under new IFRS16 accounting rules.
First half headline earnings before interest, taxes, depreciation and amortisation increased 68% year-on-year to GBP8.4 million.
Shares in Fulham Shore were trading 0.9% higher at 11.35 pence per share on Monday morning in London.
The improved revenue and adjusted earnings performance was attributed largely to the opening of six new Franco Manca pizzerias and one new The Real Greek restaurant. The launch of the Franco Manca loyalty scheme and mobile app was credited for the rise in customer numbers as over 55,000 registered users were recorded at last count.
Chair David Page said: "Looking ahead, the board remains confident that Fulham Shore is well positioned for continued growth and a great future. We look forward to continuing this positive momentum in the period ahead."
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
