Fulham Shore, the operator of Franco Manca and The Real Greek, has reported EBITDA of £7.4m for the year ended 25 March 2018 – up 2.1% year on year.

Revenue was up 35.4% to £54.7m, driven by 13 new openings – nine Franco Manca and four Real Greek sites.

Loss after tax was £150,000, due to an impairment charge, with £0.5m written off due to the decision to close an underperforming Franco Manca site at Brighton Marina later this year.

Sales in the first quarter of our current financial year, April to June 2018, have been “encouraging” in both Franco Manca and The Real Greek, with both showing overall like for like revenue increases during this quarter, chairman David Page said.

Page said despite restaurant over supply, Brexit, fragile consumer confidence and inflationary pressures, it had been a year  of growth and strategic progress for the group.

After adding 23 pizzerias in London in 2014-17, initial cannibalisation of some original stores, due to them being less than quarter of a mile apart, had stabilised.

Following a successful launch in Italy, the group is now considering further international opportunities for Franco Manca.

Page said The Real Greek was popular with landlords and consumers, due its differentiated concept, and healthy offering.

But he warned that though rents are now falling, and landlords are offering incentives, this could continue “poor expansion decisions being made in the sector”.

He said: “We still intend to open a limited number of new restaurants this year and to fund these openings largely from our internally generated cash. Any increase in our openings target would be for stand out and highly profitable locations which would immediately offer above average returns…

“We will continue to approach expansion with caution.”