(Alliance News) - Restaurant operator Fulham Shore PLC on Friday reported "encouraging" revenue trends in recent weeks, with sales topping pre-pandemic levels.
Shares in Fulham Shore were trading up 2.5% at 18.61 pence each in London on Friday morning.
The AIM-listed owner of the Franco Manca and Real Greek restaurants said revenue in the three weeks following its full-year results release in mid-August have surged, sitting 27% above their pre-pandemic level.
"This represents a marked acceleration from the 8% average increase for the eight weeks ended 15 August 2021," the company noted.
Fulham Shore said its 17 restaurants that are located in the West End of London and city centre office locations have continued to see a week-by-week improvement in footfall and revenue. While sales are still down on pre-pandemic levels, it noted tourists and office workers have started to return.
So far this financial year, which runs to March 2022, Fulham Shore said it has opened two Franco Manca sites and a new Real Greek unit. This takes its total number of restaurants to 75.
Fitting out works are also underway for two more Franco Manca sites in London, the company added. According to restaurant operator, 15 more potential Franco Manca and The Real Greek sites are currently "in solicitors' hands".
"We are very encouraged by the accelerating revenue growth trends during recent weeks despite continued challenging trading conditions. This reflects the popularity and relevance of both Franco Manca and The Real Greek, underpinned by their great food and fantastic value," said Chair David Page.
"We continue to see a number of exciting growth opportunities and are on course to open 10 locations during the current financial year, with more than 150 additional sites in our medium-term plans."
By Scarlett Butler; scarlettbutler@alliancenews.com
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