The Fulham Shore PLC (LON:FUL) has reported increased revenues on the back of a better performance from its Franco Manca pizza chain.
In a trading update ahead of its AGM, the AIM-listed firm said revenues for the first 21 weeks of its current year were higher than 12 months ago.
The uptick was driven by more restaurant openings and higher customer numbers at Franco Manca, with the sourdough pizza chain having opened five new branches in Greenwich, Birmingham, Exeter, Leeds and Edinburgh so far this year, all of which had “started brightly”.
Meanwhile, like-for-like revenues at The Real Greek, Fulham’s other brand, had “until recently” been slightly behind last year as a result of the 2018 heatwave conditions not being repeated.
Looking ahead, Fulham said it was currently building its 50th Franco Manca in Manchester and its 17th Real Greek restaurant on the Strand in London. After completion, these would take its total portfolio to 67 restaurants in the UK and one franchise in Italy.
Overall, the company said trading for the year to date was “in line” with management expectations, adding that it was also in negotiations to secure “a number of sites” for the current and next financial year.
Fulham also said it expected more properties coming to the market at “ever lower rents” as a result of current conditions in the property, retail and dining out markets and would take advantage of these where appropriate.
In early trading on Wednesday, the shares were flat at 11.1p.