Fulham Shore, operator of Franco Manca and the Real Greek restaurant brands, has said it anticipates revenue and earnings for the financial year to be "comfortably ahead of market expectations".
In a trading update ahead of publication of the company's results for the year ended 27 March 2022, Fulham Shore said market expectations for the year included revenue of £73.4m and earnings before interest, tax, depreciation and amortisation (EBITDA) of £16.5m, driven by strong trading momentum and expansion. The group had undrawn bank facilities of £15.9m.
The company said that increasing transportation and ingredient costs and the impact of Covid-19 disruption were mitigated through price increases and further increases in prices as well as the ending of reduced VAT and business rates relief were planned to be offset through increased menu pricing.
19 new Franco Manca sites were in legal negotiations and planned to open in the summer and autumn. The Real Greek was also in legal negotiations for five new sites around the country. Fulham Shore planned to open around 18 new restaurants across both brands in the financial year ending March 2023.
Fulham Shore will announce its full year figures around the end of July 2022.