LONDON (Alliance News) - Fulham Shore PLC on Tuesday said it swung to an annual loss despite increasing its revenue as the UK trading environment proved difficult.
For the financial year to March 25, the restaurant operator of Italian pizzeria Franco Manca and Greek restaurant The Real Greek posted a pretax loss of GBP150,000 from a profit of GBP1.4 million the year before.
Revenue for the twelve-month period increased by 35% to GBP54.7 million from GBP40.4 million year-on-year, against a "backdrop of a very difficult environment" for retailers and restaurant operators in the UK, the company said.
"The sound foundation upon which Fulham Shore has expanded Franco Manca and The Real Greek has stood the group in good stead during this time," it added.
The company said it has experienced "encouraging sales" both in Franco Manca and The Real Greek since the beginning of the new financial year.
"Despite the growth we have reported and our positive first quarter in the current financial year, the remainder of the financial year is difficult to predict. Costs will, in all likelihood, continue to rise but maybe not as much as they did during the past financial year," The Fulham Shore said.
Shares in the company were trading down 1.5% at 10.00 pence each.
