Fulham Shore's profits rise and remains confident despite Brexit

Restaurant operator Fulham Shore’s full year profits rose after expanding its portfolio and said the company will prosper despite Brexit because of its price and product value.

The company, which was admitted to AIM in October 2014, said revenues for the 12 months ended 27 March were about £29.2m in comparison to revenues in the nine months ended 29 March 2015 of about £8.3m.

Headline earnings before interest, tax, depreciation and amortisation were up to about £5.2m for the year from £1.2m for the nine month period last year.

Headline operating profit for the past 12 months was up about £3.2m from £750,000 in the nine month period last year.

Net debt increased slightly to about 3.2m from about £3.0m.

In April 2015 the company bought 99% of the issued share capital of Franco Manca Holdings, the owner of the Franco Manca franchise. In 2014 the company bought The Real Greek restaurant franchise.

Fulham Shore opened a new The Real Greek restaurant, a Bukowski Grill and seven Franco Manca pizzerias during the year.

Since the year ended the company opened a further five Franco Manca pizzerias and introduced an online takeaway service for the franchise.

Currently the company owns 34 restaurants in total comprising of one Bukowski Grill, nine The Real Greek and 24 Franco Manca.

Chairman David Page said: "Sites are available, our restaurants are busy and popular, our prices are good value and our staff are well motivated. We therefore look forward to the further expansion of our Franco Manca and The Real Greek businesses during the current year.

"We noted the narrow majority for Brexit in June and can only assume that the turbulence that this may cause to parts of the restaurant industry and the UK economy in general will last some time. However we feel that, as in previous periods of economic disruption, the restaurant businesses that offer best price/best product will prosper, as customers turn to real value."

Shares in Fulham Shore were up 7.86% to 18.74p at 1516 BST.