Fulham Shore delays FY results again, expects to report revenue growth
By Michele Maatouk
Date: Monday 28 Sep 2020
(Sharecast News) - Franco Manco owner Fulham Shore delayed the publication of its full-year results again on Monday due to the Covid-19 crisis but said it expects to report revenue growth and that the imposition of a 10pm curfew is unlikely to have an impact.
Annual results had been due at the end of September. However, the company said that as a result of the most recent measures put in place by the government to control the spread of Covid-19 and the additional work now required, the full-year numbers will be published on or around 15 October.
According to AIM regulations, it now has until 29 December at the latest to get its results out.
The restaurant owner expects to report a 7.2% jump in revenue from 2019 to £68.6m. It said that following the completion of its placing and extension to its banking facilities in August, it remains well capitalised.
Net debt at the close of business on 25 September was £3.52m, with £7.46m undrawn of its £25.75m of available banking facilities.
Fulham Shore opened a new Franco Manca on The Cut, near to the Old Vic theatre and Waterloo Station in London in mid-September and now has 68 restaurants open and trading, out of 70.
The company said that days when the 'Eat Out to Help Out scheme' was operating there was a marked increase in revenue compared to those in the previous years. The scheme offered diners a 50% discount, up to £10 per person, on food and non-alcoholic drinks at participating restaurants and pubs.
Fulham Shore said the 10pm curfew on bars, pubs and restaurants that kicked in last Thursday is unlikely to have a material impact on its dine-in business, as the majority of its customers eat before then.
Chairman David Page said: "We are popular with the public, well capitalised and have headroom in our borrowing facilities. We believe that these positive attributes, combined with our cash balances, will see us emerge from this period as a successful survivor in an albeit reduced UK restaurant sector."
The group also said that if as before restaurants are force to shut because of the virus, it will pivot the business back in the direction of delivery and/or takeaway services.
According to weekend reports, the government is considering banning all socialising indoors and closing pubs and restaurants in Northern England and London.
At 0825 BST, the shares were up 6.6% at 8.48p.
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10 Lower Thames St,
London EC3R 6EN