The Fulham Shore (FUL): Resilient first-half trading
Fulham Shore reported robust trading in the first half, with revenues up 26%, to £50m. Higher pre-opening costs and the absence of various COVID-19 support measures restricted adjusted EBITDA to £6m (1H’22 £7m). However, the effect of the cost-of-living crisis and, more immediately, the transport strikes, has hindered current trading. The company is going to lower its expansion plans and focus on cash generation for the coming year. It has a strong balance sheet, with net cash of £2.8m at the half-year and a largely unused bank facility of £17m.The Fulham Shore is engaged in the investment within the restaurant and food service sectors in the U.K. As of Mar 26 2017, Co. operated 53 restaurants. This consist of: 14 The Real Greek (www.therealgreek.com); 38 Franco Manca (www.francomanca.co.uk); and one Bukowski Grill. Co. operates within two segments, being the management and operation of The Real Greek restaurants, and the management and operation of Franco Manca restaurants. Co. operates in one geographical segment, being the U.K. Co.'s other segment include the Bukowski Grill franchise.
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