Shares in Fulham Shore (FUL:AIM), owner of the Franco Manca and The Real Greek restaurant chains, jumped 7% to 17.9p after the company reported strong first half growth and said it anticipated full year results to be ahead of market expectations.

For the six months ended 26 September revenues surged 103% to £39.5 million which was 10% ahead of the comparable period in 2019 and achieved despite the group being able to trade for only 10 out of 26 the weeks without restrictions.

The group traded from eight more sites compared with 2019 while higher delivery and takeout sales and a tight control of costs contributed to higher revenues and profit.

Strong revenue growth translated into an operating profit of £4.5 million compared with a loss of £3 million last year with both businesses’ pre-tax profit ahead of pre-pandemic levels.


Buoyant trading has continued through the first few weeks of the new financial with revenues in October and November ahead of 2019 levels.

Chairman David Page says Fulham Shore is performing ahead of management expectations with many restaurants throughout the UK continuing to break weekly trading records.

Consensus expectations for the year to 28 March 2022 is for the company to achieve revenues of £72.1 million which is around 13% higher than 2019.


The company opened two new Franco Manca in Glasgow and Holborn, London and one new The Real Greek in Norwich, bringing the total number of restaurants to 72.

After the period end the firm opened a further three sites, two in London and one in Bluewater, Kent while 21 more potential sites are in the hands of solicitors.

Meanwhile the firm has signed a franchised agreement with plans to open at least six Franco Manca in Greece over the next three years.

The group ended the period with a net cash position excluding lease liabilities of £3.6 million, demonstrating strong net cash generation of £8.7 million in the first half.


Investment director at AJ Bell Russ Mould commented: ‘After a loss-making 2020 thanks to the pandemic, Fulham Shore’s latest half-year results show the business rediscovering its mojo.

‘A return to profit has put the pizza-to-souvlaki seller back on track, which is helpful given how the company is hungry for growth.’



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Issue Date: 06 Dec 2021