(Alliance News) - Fulham Shore PLC on Wednesday said its revenue increased year-on-year during the first 21 weeks of the restaurateur's financial year, largely due growth by pizza chain Franco Manca.
Ahead of its annual general meeting on Wednesday, the restaurant operator said Franco Manca's improved year-on-year performance was principally driven by new site openings and increased customer numbers.
Like-for-like revenue at The Real Greek, which specialises in Mediterranean food, was slightly down year-on-year until just recently, Fulham Shore said. The company attributed the earlier under-performance to warmer spring and summer weather in the UK last year than this year.
In the financial year which began on April 1, Fulham Shore so far has opened five new Franco Manca sites, in London, Birmingham, Exeter, Leeds and Edinburgh.
It is also building its 50th pizzeria in Manchester and its 17th The Real Greek site in London, which will take its restaurant portfolio to 67 in the UK. It also owns a Franco Manca franchise in Italy.
The company added: "We are in negotiations to secure a number of sites for the current and next financial year. We will continue our policy of funding new restaurant openings largely through internally generated cash flow.
"We continue to see more properties coming to the market at ever lower rents as a result of the current conditions in the wider property, retail and dining out sectors, and will continue to take advantage of these as and when is appropriate."
Shares in Fulham Shore were 1.4% lower at 10.95 pence each in London on Wednesday morning.
