Shares in Fulham Shore (FUL:AIM), operator of the Franco Manca and The Real Greek restaurant chains, gained 4.7% to 19p on Friday after the company said revenue growth had accelerated in recent weeks.
Over the three weeks to 5 September group revenues increased 27% compared with the same period in 2019, despite the drag from 17 city centre locations where trading is still below pre-pandemic levels.
The company said this represented a ‘marked’ acceleration on the 8% growth averaged over the eight weeks to 15 August that was announced at the full year results.
Chairman David Page commented: ‘We are very encouraged by the accelerating revenue growth trends during recent weeks despite continued challenging trading conditions.
‘This reflects the popularity and relevance of both Franco Manca and The Real Greek, underpinned by their great food and fantastic value.’
Fulham Shore operates a differentiated business model whereby it directly sources food and drinks from suppliers in Italy and Greece, guaranteeing authenticity and quality of ingredients.
Cost savings from cutting out wholesalers are passed directly onto customers providing them with a high-quality yet value-for-money proposition.
EXCITING GROWTH PLANS
The company has opened two new Franco Manca sites in the current financial year to March 2022, and most recently added its 20th The Real Greek in Norwich which it said had opened with ‘strong’ trading, taking the total number of restaurants to 75.
Works have also started on Franco Manca sites in Blackheath Village and Baker street with plans to open 10 sites over the course of the year.
Page said he was seeing several ‘exciting’ growth opportunities and had plans to open an additional 150 sites over the medium-term.
