Yahoo Finance Franco Manca owner Fulham Shore swings to profit as theatreland and City restaurants top 2019 takings
Fulham Shore, the firm behind Franco Manca and The Real Greek, saw its central London restaurants trade above 2019 levels in November as people headed out around the capital.
The AIM-listed company also reported returning to a modest profit in the six months to September 26 despite operating with restrictions during much of the period. (Franco Manca in particular took advantage of the lockdown takeaways boom).
The company reported post-tax profits of £2.4 million for the half, from a £3 million loss in the same period last year.
Chairman David Page said: “We have seen continued trading momentum in recent weeks, with revenues in October and November ahead of 2019 comparatives. This includes our office and theatre district located restaurants which are continuing to trade positively, over the four weeks in November 2021, achieving revenues ahead of the same weeks in 2019."
Fulham Shore, which has overseen the pizza joint’s expansion since 2012, is now pursuing further growth.
It is launching in Greece with a local franchisee, with plans to open at least six restaurants in the next three years. The first will open in the suburbs of Athens.
Bosses have also âbeen capitalising on newly-cheap rents on restaurant kitchens and sites vacated by Covid-hit retailers. The firm just opened two new London pizzerias in Blackheath and Baker Street, and has another 21 potential sites in the pipeline.
Page said the company expects the group's full year performance to top market expectations.
Shares surged as much as 8% on the update on Monday morning.
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