Fulham Shore delays results, predicts it will be a “successful survivor”

Fulham Shore, the parent operator behind restaurant brands Franco Manca and The Real Greek, has been granted an extension of its FY20 results by the AIM Regulation.

The company previously announced that its results for the year ended 29 March 2020 would be published at the end of this month, but because of the recent coronavirus measures and additional work now required, it expects to release the results on or around 15 October 2020, with an extended deadline of 29 December 2020.

Ahead of their release, the group has said it expects to report revenue growth of 7.2% to £68.6m (2019: £64m) for the year.

Following the completion of a placing and extension to its banking facilities in August 2020, the group remains “well capitalised,” with a net debt (before recognition of leases under IFRS 16) on 25 September 2020 at £3.52m, with £7.46m undrawn of its £25.75m available banking facilities.

Since the year end, the group opened a new Franco Manca site in central London – on The Cut – in mid-September, taking its total open and trading estate to 68 of 70 restaurants.

Whilst it does not think the new 10pm curfew will have a material impact on its dine-in business, the group has said it will continue to react and adapt if and when new regulations come into force, pivoting to takeaway over dine-in if necessary.

“We are popular with the public, well capitalised and have headroom in our borrowing facilities,” said chairman David Page. “We believe that these positive attributes, combined with our cash balances, will see us emerge from this period as a successful survivor in an albeit reduced UK restaurant sector.”