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Fulham Shore makes more dough with new Franco Manca openings

The owner of Franco Manca pizzerias and The Real Greek restaurants said current trading remains “satisfactory” but the outlook is not helped by “poor” consumer confidence

Fulham Shore PLC - Fulham Shore makes more dough with new openings

Fulham Shore PLC (LON:FUL) said the next financial year will see eight to ten new openings in the UK, with plans to expand abroad thereafter.

The AIM-listed listed owner of Franco Manca pizzerias and The Real Greek restaurants reported strong underlying profit growth even though current trading only remains “satisfactory” and the outlook not helped by “poor” consumer confidence.

READ: The Fulham Shore serves up tasty update as Franco Manca openings accelerate

The 69-strong estate racked in £36mln revenue in the six months to 29 September, 9% higher than the same period last year, with underlying earnings (EBITDA) jumping 47% to £7.8mln.

Profit before tax dropped 53% to £743mln as capital expenditure swelled 63% to open new sites.

Management said a “modest” dividend payout will be considered at the year-end if it seems “prudent” to do so.

“Looking ahead, the board remains confident that Fulham Shore is well positioned for continued growth and a great future,” said chairman David Page.

The shares were flat as a pizza by late morning on Monday.

Quick facts: Fulham Shore PLC

Price: 11.75 GBX

AIM:FUL
Market: AIM
Market Cap: £67.4 m
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