Restaurant group, The Fulham Shore plc has reported unaudited interim results for the six months ended 25 September 2016, showing increased turnover, profits and portfolio expansion.
The company generated revenue of £19.9m (2015: £13.9m). It achieved Headline EBITDA for the period of £3.7m (2015: £2.6m), and made headline operating profit for the period amounting to £2.4m (2015: £1.7m).
The group opened 7 Franco Manca pizzeria in London, Brighton and Guildford. This took Fulham Shore's restaurant portfolio as at 25 September 2016 to 36 restaurants made up of 9 The Real Greek, 26 Franco Manca pizzeria and 1 Bukowski Grill.
It expects to end the current financial year in March 2017 with around 43 restaurants, dependent on how quickly builders work in the spring. And there are plans for more Franco Manca and The Real Greek restaurants for 2017/2018.
Since 25 September 2016, The Fulham Shore has opened 3 The Real Greek restaurants in Muswell Hill (London), Boxpark Croydon and Southampton and 3 Franco Manca restaurants in Westfield London, Westbourne Grove (London) and Southampton.
This takes the number of restaurants operated today to a total of 42, made up of 12 The Real Greek, 29 Franco Manca and 1 Bukowski Grill.
The group is currently fitting out a further Franco Manca pizzeria in Nova Victoria (London), which is scheduled to open in February 2017.
Contracts have recently been exchanged on three sites in very different locations in and around London: Putney (near Putney Bridge), Russell Square and Richmond, Surrey, all expected to open in the Spring of 2017.
Franco Manca is now occupying some spare window space at Debenhams in Westfield London. This has proved successful and the firm is now looking at building more relationships with retailers and licensed premises owners who have surplus space facing the high street which could be utilised.
The business sources its food directly from both Italy and Greece, plus from some great local UK producers. Suppliers are visited regularly, checking consistency and working together to develop new ideas. The Brexit vote has had some of the suppliers in Europe nervously watching the UK. However, the firm is working with them to make sure any adjustment of input prices is kept to a minimum. It's helpful that much of the fresh produce is sourced locally in sterling in the UK.
The majority of the staff are shareholders in Fulham Shore. They are paid at least the National Living Wage, including under 25s.
The Franco Manca team has started to win the plaudits of their fellow professionals. 3 awards were picked up in November 2016: R200 Best Value Restaurant Operator - over 20 sites; CGA Peach Hero and Icon Awards Breakthrough Brand and CGA Peach Hero and Icon Awards Best Concept.
David Page Chairman stated, 'We have slowly increased the number of openings per year we can manage. Our progress so far was 9 for the year ended 27 March 2016 and 13 year to date for the year ending 26 March 2017. We expect to increase this number in London and across the country in the next financial year.'