TIDMFUL
RNS Number : 2197A
Fulham Shore PLC (The)
28 September 2020
The information contained within this announcement was deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
28 September 2020
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
Trading update and extension of deadline for publication of
audited results to 29 March 2020
The Board of Fulham Shore ("Board") announces an update on
trading ahead of the publication of its audited results for the
year ended 29 March 2020 ("FY20 Results") and an update on the
timing of publication of the FY20 Results.
Timing of publication of FY20 Results
The Company previously announced that it anticipated that the
FY20 Results would be published at the end of September 2020.
However, as a result of the most recent measures put in place by
the UK Government in order to control the spread of COVID-19 and
additional work now required, it is now anticipated that the FY20
Results will be published on or around 15 October 2020. The Company
has been granted by AIM Regulation an extension to the deadline by
which it is required to publish its FY20 Results pursuant to the
Inside AIM guidance published on 26 March 2020. Pursuant to the
extension, the Company is now required to publish its FY20 Results
by 29 December 2020.
The Company's deadline to file the annual report and accounts
for the year ended 29 March 2020 with Companies House has been
extended to 31 December 2020.
Trading update
Subject to the finalisation of the audit of the FY20 Results,
the Company expects to report revenue growth of 7.2% to GBP68.6
million (2019: GBP64.0 million). Following the completion of the
placing and extension to its banking facilities in August 2020, the
Group remains well capitalised. The Group's net debt (before
recognition of leases under IFRS 16) at the close of business on 25
September 2020 was GBP3.52 million, with GBP7.46 million undrawn of
its GBP25.75 million of available banking facilities.
Since the year end, the Group opened a new Franco Manca on The
Cut, near to the Old Vic theatre and Waterloo Station in London, in
mid-September. As at the date of this announcement, Fulham Shore
has 68 out of its 70 restaurants open and trading. Additional
safety precautions and training were instigated throughout the
Group's estate prior to re-opening for dine-in on 4 July 2020, with
further improvements made following updated UK Government
guidelines last week.
Thanks to the UK Government's "Eat Out to Help Out" scheme,
Group revenues for the days when the scheme was operating increased
markedly compared to those in the previous year.
As of 24 September 2020, the UK and Scottish Governments imposed
further trading restrictions to combat the spread of COVID-19. This
included a 10pm curfew for all restaurants and bars. The Board does
not believe that this curfew will have a material effect on the
Group's dine-in business, as the majority of its customers eat
before then.
The Group will continue to react and adapt if and when new
regulations come onto force in the areas where it has restaurants.
If, as before, delivery and / or takeaway services are permitted
and dine-in is curtailed, the Company will pivot the business in
this direction as it did earlier in the year.
David Page, Chairman of the Company, commented: " 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."
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page Via Hudson Sandler
Allenby Capital Limited
Tony Quirke / Jos Pinnington (Sales) Tel: 020 3328 5656
Nick Naylor / Jeremy Porter / James Reeve
(Corporate Finance)
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com
Alex Brennan / Lucy Wollam Telephone: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore was incorporated in March 2012. The Directors
believed that there were attractive investment opportunities within
the restaurant sector in the UK and that, given their collective
experience in the restaurant sector, they could take advantage of
the opportunities which existed.
The ordinary shares of the Company were admitted to trading on
AIM in October 2014 in order to capitalise on such opportunities
and to give the company employees, customers and public the ability
to share in the enterprise.
Today, Fulham Shore owns and operates "The Real Greek" (
www.therealgreek.com ) and "Franco Manca" ( www.francomanca.co.uk )
restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 18 restaurants
( 17 of which have so far reopened) across London and Southern
England.
The Real Greek food centres on the delicious, healthy diet of
the Eastern Mediterranean, staying true to the Greek ethos of food,
family and friends. Dishes are created using premium ingredients
sourced from Greece and Cyprus whenever possible, and developed by
Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating
in Greece, encouraging diners to take their time eating amongst
friends and family, be it a relaxed dinner, family get-together, or
a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 52
restaurants (51 of which have so far reopened) , primarily in
London, but also with restaurants across the UK (e.g. Edinburgh,
Manchester, Leeds, Cambridge, Bath, Oxford, Bristol and Exeter).
Franco Manca also has a franchised pizzeria on the island of Salina
in Italy.
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces high heat. The slow levitation and
blast cooking process lock in the flour's natural aroma and
moisture, giving a soft and easily digestible crust. Where
possible, locally sourced and organic ingredients are used. Pizza
prices start from GBP5.20.
Franco Manca has received the following accolades:
Winner of the Casual Dining Best Family Dining Experience Award
2020
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites
Award 2019 and 2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award
2016
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