Belfast Telegraph

Franco Manca owner sees first half sales rise

Fulham Shore, which also owns The Real Greek restaurants, saw sales rise from £19.5 million to £27.5 million in the six months to September 24.

The owner of hipster pizzeria Franco Manca has reported rising first half sales as it looks to bounce back from a profit warning and Brexit woes afflicting the dining out market.

Fulham Shore, which also owns The Real Greek restaurants, saw sales rise from £19.5 million to £27.5 million in the six months to September 24.

Pre-tax profit nudged up to just over £1 million after it said that revenue from restaurants in London suburbs, which have experienced difficult trading, had seen slight improvements.

It was also buoyed by the performance of restaurants outside of London.

Chairman David Page said: “The summer should have been one of the busiest periods of our financial year and the weak trading across the dining out market that we also experienced has impacted this year’s overall performance.

“Some of our pre-2017 restaurants, particularly in the London suburbs, are still experiencing revenue below the equivalent period a year earlier with increased volatility.

“However, revenue from these restaurants have seen slight improvements from the poor summer period of July to September.”

Fulham Shore issued a profit warning in September after it was hit by a slowdown in trade in July and August, particularly at its suburban London restaurants.

The group again referenced a “challenging backdrop” that is dogging the sector, including rising inflation, poor consumer confidence and a weakening economy.

The pound’s collapse since the Brexit vote has sent costs for businesses soaring and diminished consumer spending power, resulting in people eating out less often.

Mr Page added: “We will respond to the economic climate in the next 24 months as we find it, as we believe these factors will continue to affect the restaurant sector in the coming years, limiting our visibility for the second half and beyond.”

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