Franco Manca’s Fulham Shore eyes expansion despite sliding revenue
Hospitality group Fulham Shore, which owns Franco Manca, has seen its annual revenue nearly sliced in half due to the restrictions on restaurants for most of the year.
The group pulled in £40.3m in revenue in the year to 28 March, after it had plunged 41.3 per cent from the £68.6m it raked in last year.
Shares were up 1.5 per cent in its afternoon trading, at 16.25p per share.
The revenue drop was driven by the trading restrictions imposed by the government due to the pandemic, which were in place throughout most of the financial year, the group said in a statement.
Buoyant trading during the summer of 2020 – when restaurants were able to operate across eat-in and outside dining, had helped to hoist revenue.
Operating losses more than doubled in the period, as the hospitality group grappled with new pandemic-era rules.
Against the turbulent fiscal year, Fulham Shore has opened three new brick and mortar restaurants across the UK and eyes expansion.
The hospitality group has marked 150 sites for potential new restaurants, as it bets on pent-up demand and the pandemic’s toll on the industry property market to offer new expansion opportunities.
While one new Franco Manca pizzeria has opened in High Holborn in London, it has also bagged another lease contract for a Franco Manca branch on Baker Street.
“During an unprecedented year, we are pleased to have navigated through the very challenging trading conditions to deliver this good performance,” executive chairman David Page said.
“This is testament to the popularity and relevance of our Franco Manca and The Real Greek brands.”
The group has returned to trading across its 74 restaurants since July this year, with strong momentum in its takeaway offering, it added.