LONDON (Alliance News) - Restaurant owner and operator the Fulham Shore PLC said Friday it looks forward to the further expansion of its two restaurant business during its current year, as it posted a lower pretax profit for its recently ended financial year.
Fulham Shore operates 24 restaurants under the 'Real Greek' and 'Franco Manca' brands. In March it acquired 99% of the owner of the Franco Manca group, which was partly owned by some of Fulham Shore's directors, Rocca Ltd.
The company was formed via a reverse takeover of Kefi Ltd, the owner of the Real Greek group of restaurants, in October 2014. Due to this, Fulham Shore's results compared the nine months to end-March with the year to end-June 2014 of Kefi Ltd and its subsidiaries.
During the nine months the company owned and traded the Real Greek for around 5 months, as well as the Franco Manca restaurant at 98 Tottenham Court Road in London.
For the nine months, Fulham Shore posted a pretax profit of GBP4,000, down from a pretax profit of GBP1.1 million the year before, on revenue of GBP8.3 million compared to GBP8.6 million, mostly as a result of costs related to the reverse acquisition and share based payments.
Following the period end and its acquisition of Franco Manca it has opened one new Real Greek restaurant, and three new Franco Manca pizzerias.
Shares in Fulham Shore are untraded Friday. It last closed at 15.75 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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