(Alliance News) - Fulham Shore PLC shares rose on Monday after the restaurant chain owner said that it expects revenue and earnings ahead of expectations, due to a rebound in customer numbers.
Shares were up 6.5% at 16.50 pence each on Monday morning in London.
The London-based firm said that following the removal of all Covid-19 restrictions in February 2022, customers have continued to return to its Franco Manca and Real Greek restaurants in increasing numbers.
Further, it said that during the second half of the financial year both the Franco Manca and Real Greek businesses delivered strong underlying performances. This was achieved despite periods of disruption, including the UK government's guidance to work from home due to the Omicron variant, it noted.
Fulham Shore stated that the strong trading momentum and expansion drove a significant increase in revenue, comparable with the levels seen pre Covid-19.
As a result, it expects revenue, earnings before interest, tax, depreciation and amortisation and adjusted headline Ebitda for the financial year ended March 27 to be ahead of last year's figures and comfortably ahead of market expectations.
Fulham Shore believes that market expectations for the year are currently revenue of GBP73.4 million, Ebitda of GBP16.5 million and adjusted headline Ebitda of GBP9.5 million.
In financial 2021, the company generated revenue of GBP40.3 million, Ebitda of GBP8.7 million and adjusted headline Ebitda GBP1.9 million.
"The board is very encouraged by the strong performance achieved by the group during financial 2022 and underpinned by its two relevant businesses, their value-for-money propositions and the clear growth opportunities, remains confident of its exciting potential," it said.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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