Fulham Shore PLC - London-based restaurant owner and operator - Sinks to annual pretax loss of GBP754,000 versus a GBP1.4 million profit the year before. Revenue in the twelve months to March 29 rises 7% to GBP68.6 million from GBP64.0 million. Headline earnings before interest, tax, depreciation and amortisation, which excludes share-based payments and pre-opening costs, rises to GBP8.3 million before the application of IFRS 16 - related to leases - from GBP7.8 million. Opens 7 new Franco Manca pizzerias and 2 new The Real Greek restaurants during the period. Finance costs rose sharply to GBP2.6 million from GBP327,000 and also books GBP718,000 in temporary closure costs. Confident looking ahead as it believes its two restaurants brands are "popular with the public".
"Both The Real Greek and Franco Manca traded well throughout the year until March. The increase in revenue and headline Ebitda was achieved despite the enforced restaurant closures at the end of March that impacted both revenue and headline Ebitda for our two businesses," the company said. Says 68 of 70 restaurants now fully open and benefited from UK governments 'Eat Out to Help Out' scheme to trade ahead of a year before on the Mondays, Tuesdays and Wednesdays that benefited from that support.
Current stock price: 7.46 pence
Year-to-date change: down 39%
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
