TIDMFUL
RNS Number : 8208E
Fulham Shore PLC (The)
01 November 2022
1 November 2022
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
Business Development & Trading Update
First half trading in line with management expectations
Strategic expansion of the Franco Manca brand into retail
operations through launch of Chef's Selection cook-at-home
range
Fulham Shore, the owner and operator of the Franco Manca and The
Real Greek restaurant brands, is pleased to provide an update on
trading during the six months to 25 September 2022 (the "Period")
and to announce the strategic expansion of the Group's Franco Manca
pizza business into retail stores nationwide.
Strategic expansion
The Group has launched its debut range of five premium Franco
Manca Chef's Selection cook-at-home pizzas. The range has been
developed through a licensing partnership with the fine Italian
food business Rondanini and is available to purchase in over 500
supermarkets across the UK from this week. The Group has the
opportunity to expand into more stores (additional to the current
500) over the coming year, and to partner with further grocery
retailers from late 2023.
The range has been created by Franco Manca Executive Chef
Alfonso Marseglia. To recreate an authentic at-home experience, all
pizzas are made with ingredients of the same high quality and are
inspired by the daily 'pizzaiolo specials' available at Franco
Manca restaurants.
Fulham Shore's expansion into retail operations complements its
portfolio of restaurants, will drive brand awareness and enable the
Group to introduce the Franco Manca brand to consumers throughout
UK, especially where Franco Manca does not yet have a restaurant
presence.
New openings
Since its update published on 31 August 2022, the Group has
opened four Franco Manca pizzeria in Lincoln, Hove, Chichester and
Cardiff, and two The Real Greek restaurants in Gloucester Quays and
Solihull. These new locations have all been busy from the outset.
These openings take the total number of restaurants operated by the
Group to 95.
The first The Real Greek in Scotland, located in the successful
new shopping scheme St James Quarter, Edinburgh, is also being
fitted out ready for a December opening.
Trading update
During the six months to the end of September, in spite of
challenging political and macroeconomic circumstances as well as
recent sporadic train and tube disruptions, the Group traded in
line with management expectations. This performance was driven by
the popularity of both Franco Manca and The Real Greek's excellent
value-for-money propositions.
As a result, Group revenues for the Period grew approximately
35% when compared with the same period in 2019 prior to the onset
of Covid-19, and some 25% ahead when compared with the same period
to September 2021.
The Company's net cash position before lease liabilities
recognised under IFRS 16 as at 26 September 2022 was over GBP2.6m.
The Group has undrawn bank facilities of GBP16.9m, providing
substantial financial headroom of over GBP19.5m.
As previously stated, the Group plans to publish its Interim
Results and an update on trading in December 2022.
Outlook
Macroeconomic challenges including inflation, rising interest
rates and political uncertainty continue to affect consumer
confidence and, combined with input cost inflation, are presenting
trading conditions that are more unstable and unpredictable than at
any time in recent memory. These rising costs and what, if any,
relevant government support leads to a lack of transparency for
short term trading.
As previously stated, Fulham Shore plans to open around 18
restaurants during the 12 months to 26 March 2023.
The Group will review on an ongoing basis its opening target for
the 2024 financial year based on the ever-evolving economic and
political outlook, and will share subsequent updates as
appropriate.
David Page, Fulham Shore Executive Chairman, commented:
"After many months of careful development we are thrilled to
launch our debut range of Franco Manca cook-at-home sourdough
pizzas which are now available in over 500 supermarkets. This is a
very exciting new strategic development for Franco Manca and The
Fulham Shore, which complements the appeal and success of our
consistently busy and growing portfolio of restaurants, and we are
looking forward to seeing it develop.
We're delighted that underpinned by the relevance of our Franco
Manca and The Real Greek brands and their value-for-money
propositions, both our established and new restaurants performed
well during the first half of the Group's financial year. This has
led the Group to trade in line with management expectations and
represents revenue growth of over 35% compared with the same period
in 2019 and some 25% ahead when compared with the same period to
September 2021."
ENDS
About Franco Manca Chef's Selection sourdough pizzas:
- Available in over 500 supermarkets nationwide
- Each pizza is made with Franco Manca's signature sourdough
base, hand-stretched and then stone baked in a traditional
wood-fired oven
- Five Chef's Selection pizza flavours:
o Quattro Formaggi with Balsamic Glaze (V)
o Spicy Salami, Fried Onion and Chilli-Infused Honey
o Spiced Beef Meatball, Red Onion & Pecorino
o Butternut Squash, Stilton & Pumpkin Seeds (V)
o Fennel Sausage, Chargrilled Red Peppers & Mozzarella
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page / Nick Wong Via Hudson Sandler
Singer Capital Markets (Nominated Adviser
& Broker)
Shaun Dobson / James Moat / Kailey Aliyar +44 (0) 20 7496 3000
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com
Alex Brennan / Lucy Wollam / Ben Wilson Telephone: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore owns and operates "The Real Greek" (
www.therealgreek.com ) and "Franco Manca" ( www.francomanca.co.uk )
restaurants.
Fulham Shore was incorporated in March 2012. The Directors
believed that there were attractive investment opportunities within
the restaurant sector in the UK and that, given their collective
experience in the restaurant sector, they could take advantage of
the opportunities which existed.
The ordinary shares of the Company were admitted to trading on
AIM in October 2014 in order to capitalise on such opportunities
and to give the company employees, customers and public the ability
to share in the enterprise.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 25 restaurants
primarily in London and Southern England but with restaurants
across the UK (e.g. Manchester, Newcastle and Norwich).
The Real Greek food centres on the delicious, healthy diet of
the Eastern Mediterranean, staying true to the Greek ethos of food,
family and friends. Dishes are created using premium ingredients
sourced from Greece and Cyprus whenever possible, and developed by
Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating
in Greece, encouraging diners to take their time eating amongst
friends and family, be it a relaxed dinner, family get-together, or
a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 70
restaurants, primarily in London, but also with restaurants across
the UK (e.g. Edinburgh, Glasgow, Manchester, Leeds, Cambridge,
Bath, Oxford, Bristol and Exeter).
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces high heat. The slow levitation and
blast cooking process lock in the flour's natural aroma and
moisture, giving a soft and easily digestible crust. Where
possible, locally sourced and organic ingredients are used.
Franco Manca has received the following accolades:
Winner of Peach 20/20's Consumer Choice Award at the 2021 Hero
& Icon Awards
Winner of the Casual Dining Best Family Dining Experience Award
2020
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites
Award 2019 and 2017
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END
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