Ahead of its annual general meeting, Fulham Shore (FUL) announced “encouraging” revenue increases at its Franco Manca and The Real Greek restaurants during the first 21 weeks of its financial year from a “slightly greater” number of transactions. So far this financial year, the company has opened two sites and closed one, bringing the portfolio to 58 locations. Management said a tough time for the wider retail and dining out sectors has meant it’s been able to find new locations cheaply.
There was also a change in tone from management on the funding of new sites. At the profit warning in March management said the new restaurant openings would be funded “only” from internally generated free cash flow. That's now been qualified to “largely”, suggesting other forms of funding may be considered.
