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Fulham Shore profit more than halves as virus-led rise in costs bite
StockMarketWire.com
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Franco Manca pizzeria owner Fulham Shore reported annual profit more halved as the impact of shutting its restaurants during the nationwide increased costs and offset a rise in revenue.
For the year ended 29 March 2020, pre-tax profit fell to £0.4m from £1.4m year-on-year, while revenue grew 7% to £68.6m.
The company opened seven new Franco Manca pizzeria and two new The Real Greek restaurants during the year ended 29 March 2020 in the UK, compared with 4 Franco Manca pizzeria opened last year.
'Due to the closure of our restaurants in accordance with UK Government instructions, the goup was loss making both in March 2020 and in the first quarter of the financial year ending 28 March 2021,' the company said.
'We returned to profit in the second quarter at headline EBITDA level, thanks to our customers returning in great numbers,' it added.
At 8:29am: (LON:FUL) The Fulham Shore Plc share price was 0p at 7.25p
Story provided by StockMarketWire.com
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