LONDON (Alliance News) - Restaurant operator the Fulham Shore PLC on Thursday reported growth in profit in its recently-ended financial year, as revenue was boosted by the expansion of its porfolio, and it said restaurants with the best price and product will prosper following the UK's decision to leave the EU.
Fulham Shore owns the Franco Manca pizzeria chain and The Real Greek restaurant chain, as well as operating one of three Bukowski Grill restaurants under a franchise agreement.
Pretax profit in the year ended March 27 multiplied to GBP423,000 from GBP4,000 the year before, as revenue more than doubled to GBP29.3 million from GBP8.3 million, benefiting from the company's acquisition of Franco Manca in 2015 and the first full-year of contribution from The Real Greek, which it bought in 2014.
Fulham Shore is building two Franco Manco pizzerias in Kentish Town and Bromley, which will open later this month. This will take the total to 26 Franco Mancas. It also plans to build Franco Manca sites in Southampton, Reading, Victoria and Putney over the coming future.
In addition, Fulham Shore is currently building a new The Real Greek restaurant in Muswell Hill, North London, which, once open in the autumn, will take the total to 10 The Real Greeks. It has also signed a new site in the new Boxpark Croydon development where it will be trialling a new 'Greek on the Street' business model.
"Sites are available, our restaurants are busy and popular, our prices are good value and our staff are well motivated. We therefore look forward to the further expansion of our Franco Manca and The Real Greek businesses during the current year," Chairman David Page said in a statement.
"We noted the narrow majority for Brexit in June and can only assume that the turbulence that this may cause to parts of the restaurant industry and the UK economy in general will last some time. However we feel that, as in previous periods of economic disruption, the restaurant businesses that offer best price/best product will prosper, as customers turn to real value," he added.
Shares in Fulham Shore were trading up 6.8% at 18.56 pence on Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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