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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| The Fulham Shore Plc | LSE:FUL | London | Ordinary Share | GB00B9F8VG44 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFUL
RNS Number : 0164S
Fulham Shore PLC (The)
16 December 2016
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
16 December 2016
The Fulham Shore PLC
Unaudited interim results for the six months ended 25 September 2016
Chairman's Statement
I am pleased to announce the unaudited interim results for the 6 months ended 25 September 2016 for The Fulham Shore PLC ("Fulham Shore" or the "Group"). It has been a busy and successful 6 months for the Group.
We have increased turnover, profits and the number of restaurants we operate.
Our restaurants are popular and busy with customers who want to eat great food at affordable prices.
Our Franco Manca customers can have a fantastic vegan pizza plus a glass of water for less than GBP5 or really push the boat out with a Margherita Pizza accompanied by a glass of organic red wine for less than GBP10 while in The Real Greek customers can enjoy our amazing lunch offer at GBP8.95 for 3 meze plates.
We expect to end the current financial year in March 2017 with around 43 restaurants, dependent on how quickly our builders work in the spring. We are planning more Franco Manca and The Real Greek restaurants for 2017/2018.
Results
For the 6 months ended 25 September 2016, Fulham Shore generated revenue of GBP19.9m (2015: GBP13.9m). The Group achieved Headline EBITDA for the period of GBP3.7m (2015: GBP2.6m) and made headline operating profit for the period amounting to GBP2.4m (2015: GBP1.7m).
In the 6 months ended 25 September 2016, the Group opened 7 Franco Manca pizzeria in London, Brighton and Guildford. This took Fulham Shore's restaurant portfolio as at 25 September 2016 to 36 restaurants made up of 9 The Real Greek, 26 Franco Manca pizzeria and 1 Bukowski Grill.
Cash flow
During the period ended 25 September 2016, the Group had net cash inflow from operating activities of GBP6.4m (2015: GBP3.0m). During the same period the Group invested GBP5.7m (2015: GBP3.4m) on property, plant and equipment. Overall there was a net cash inflow for the period of GBP1.1m (2015: outflow of GBP1.8m) resulting in net debt as at 25 September 2016 of GBP3.0m (2015: GBP0.3m).
Dividends
No dividend is being proposed by the Board. It remains the Board's policy that, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so.
Current trading and outlook
Since 25 September 2016, the Group has opened 3 The Real Greek restaurants in Muswell Hill (London), Boxpark Croydon and Southampton and 3 Franco Manca restaurants in Westfield London, Westbourne Grove (London) and Southampton.
This takes the number of restaurants operated today by the Group to a total of 42, made up of 12 The Real Greek, 29 Franco Manca and 1 Bukowski Grill.
The Group is currently fitting out a further Franco Manca pizzeria in Nova Victoria (London), which is scheduled to open in February 2017.
Contracts have recently been exchanged on three sites in very different locations in and around London: Putney (near Putney Bridge), Russell Square and Richmond, Surrey, all expected to open in the Spring of 2017.
Great sites continue to be offered to us as we continue to open in London and now around the UK. However, we are determined that our customers and shareholders should be the beneficiaries of our expansion, not property owners or agents. Therefore, we will continue to take space that is just about big enough for us so that we are not paying for space we don't use and the rent roll is that much lower. This helps us to keep our menu prices below our competitors for the benefit of our customers.
Franco Manca is now occupying some spare window space at Debenhams in Westfield London. This has proved successful and we are now looking at building more relationships with retailers and licensed premises owners who have surplus space facing the high street which could be utilised by the Group.
We source our food directly from both Italy and Greece plus from some great local UK producers. We get closely involved with all our suppliers, visiting them regularly, checking consistency and working together to develop new ideas. The Brexit vote has had some of our suppliers in Europe nervously watching the UK. However, we are working with them to make sure any adjustment of our input prices is kept to a minimum. We are helped that much of our fresh produce is sourced locally in sterling in the UK.
The majority of our staff are shareholders in Fulham Shore. We value them as crucial to our success. We pay at least the National Living Wage, including under 25s, and we are always looking to include our staff in the success of the business.
The Franco Manca team has started to win the plaudits of their fellow professionals. 3 awards were picked up in November 2016: R200 Best Value Restaurant Operator - over 20 sites; CGA Peach Hero and Icon Awards Breakthrough Brand and CGA Peach Hero and Icon Awards Best Concept. This is just reward for the hard work the whole Franco Manca team has put in this year.
A key concern for us is maintaining the consistency and quality of our food and service offer. To this end, over the past 18 months, we have developed dedicated central teams running each part of the business.
Each restaurant brand has its own operational management and we have property, people, training, opening and financial systems in place. These support functions are essential when growing a restaurant business leaving the front of house teams free to concentrate on the food and the customers. As the number of restaurants we open per year grow, and the eventual number we can finally achieve in the UK also grows, we will continue to invest in our central functions to ensure we have adequate resources to deliver growth.
All this puts us in a sound position for our future expansion of the Group's excellent restaurant businesses. We have slowly increased the number of openings per year we can manage. Our progress so far was 9 for the year ended 27 March 2016 and 13 year to date for the year ending 26 March 2017. We expect to increase this number in London and across the country in the next financial year.
Sites are available, our restaurants are busy and popular, our prices are good value and our staff are well motivated.
We therefore look forward with confidence to the further expansion of our Franco Manca and The Real Greek businesses.
David Page
Chairman
16 December 2016
Contacts:
The Fulham Shore PLC www.fulhamshore.com David Page 07836 346 934
Allenby Capital Limited
Nick Naylor / Jeremy Porter / James Reeve 020 3328 5656
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore was incorporated in March 2012. The Directors believe that there are attractive investment opportunities within the restaurant and food service sectors in the UK.
The Directors believe that, given their collective experience in the restaurant and food service sectors, they can take advantage of the opportunities which exist in these sectors.
The ordinary shares of the Company were admitted to trading on AIM in October 2014 in order to capitalise on such opportunities.
Today Fulham Shore currently operates "The Real Greek" (www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk) restaurants, as well as a Bukowski Grill restaurant.
The Real Greek
Since establishing in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 12 restaurants across London and the home counties.
Ambassadors of Greek food and Greek hospitality in the UK, The Real Greek food centres on the delicious, healthy diet of the Eastern Mediterranean, staying true to the Greek ethos for food, family and life. 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.
Both The Real Greek's menu and atmosphere retains 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 fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 29 restaurants, primarily in London, but with recent openings in Brighton, Southampton and Guildford with other locations outside London in the pipeline.
Franco Manca's pizza is made from slow-rising sourdough and is baked in a wood-burning oven that produces a heat of about 500degc (930degF). 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 GBP4.95.
"If you only eat one pizza this year, make sure it's Franco Manca" - Tatler
Bukowski
Bukowski is a London-based charcoal-grill restaurant and bar, serving breakfasts, burgers and grills. Bukowski has four restaurants in London, one of which Fulham Shore operates in Soho under a franchise agreement.
The Fulham Shore PLC
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 25 September 2016
Hot Features
Premium
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 19,897 13,902 29,251
Cost of sales (10,924) (7,560) (15,970)
Gross profit 8,973 6,342 13,281
Administrative expenses (6,529) (4,632) (10,001)
Headline operating profit 2,444 1,710 3,280
Share based payments (297) (257) (639)
Pre-opening costs (855) (476) (908)
Amortisation of brand (411) (342) (821)
Exceptional costs -
cost of acquisition (26) (405) (405)
Operating profit 855 230 507
Finance income 1 3 4
Finance costs (53) (46) (88)
Profit before taxation 803 187 423
Income tax expense 4 (277) (61) (347)
Profit for the period 526 126 76
Profit for the period
attributable to:
Owners of the company 510 112 56
Non-controlling interests 16 14 20
526 126 76
Earnings per share
Basic 5 0.1p 0.0p 0.0p
Diluted 5 0.1p 0.0p 0.0p
Headline Basic 5 0.3p 0.3p 0.5p
Headline Diluted 5 0.3p 0.3p 0.4p
There were no other comprehensive income items.
All operating gains and losses relate to continuing activities.
The Fulham Shore PLC
Unaudited Consolidated Balance Sheet
as at 25 September 2016
As at As at As at
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 27,507 28,831 28,135
Property, plant and
equipment 21,598 13,793 16,733
Trade and other receivables 974 715 934
Deferred tax assets 1,192 427 894
51,271 43,766 46,696
Current assets
Inventories 837 523 687
Trade and other receivables 2,497 1,727 1,448
Cash and cash equivalents 6 748 2,083 197
4,082 4,333 2,332
Total assets 55,353 48,099 49,028
Current liabilities
Trade and other payables (10,827) (7,064) (6,165)
Income tax payables (1,030) (622) (630)
Borrowings - (250) (570)
(11,857) (7,936) (7,365)
Net current liabilities (7,775) (3,603) (5,033)
Non-current liabilities
Borrowings (3,710) (2,160) (2,910)
Deferred tax liabilities (1,954) (2,008) (2,057)
(5,664) (4,168) (4,967)
Total liabilities (17,521) (12,104) (12,332)
Net assets 37,832 35,995 36,696
Equity
Share capital 5,703 5,692 5,692
Share premium account 6,878 6,867 6,866
Merger relief reserve 30,459 30,459 30,459
Reverse acquisition
reserve (9,469) (9,469) (9,469)
Retained earnings 4,175 2,383 3,078
Total equity attributable
to owners of the company 37,746 35,932 36,626
Non-controlling interest 86 63 70
Total equity 37,832 35,995 36,696
The Fulham Shore PLC
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 25 September 2016
Six months ended 25 September 2016
Merger Reverse Non-
Share Share Relief Acquisition Retained Controlling Total
capital premium Reserve Reserve earnings Interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 27 March 2016 5,692 6,866 30,459 (9,469) 3,078 70 36,696
Profit for the period - - - - 510 16 526
Total comprehensive income
for the period - - - - 510 16 526
Transactions with owners
Ordinary shares issued
(net of expenses) 11 12 - - - - 23
Share based payments - - - - 297 - 297
Deferred tax on share
based payments - - - - 290 - 290
Total transactions with
owners 11 12 - - 587 - 610
At 25 September 2016 5,703 6,878 30,459 (9,469) 4,175 86 37,832
Six months ended 27 September 2015
Merger Reverse Non-
Share Share Relief Acquisition Retained Controlling Total
capital premium Reserve Reserve earnings Interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 29 March 2015 3,325 2,650 11,113 (9,469) 1,840 22 9,481
Profit for the period - - - - 112 14 126
Total comprehensive income
for the period - - - - 112 14 126
Transactions with owners
Ordinary shares issued
(net of expenses) 2,367 4,217 19,346 - - - 25,930
Share based payments - - - - 257 - 257
Deferred tax on share
based payments - - - - 174 - 174
Non-controlling interests
adjustment - - - - - 27 27
Total transactions with
owners 2,367 4,217 19,346 - 431 27 26,388
At 27 September 2015 5,692 6,867 30,459 (9,469) 2,383 63 35,995
Year ended 27 March 2016
Merger Reverse Non-
Share Share Relief Acquisition Retained Controlling Total
capital premium Reserve Reserve earnings Interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 29 March 2015 3,325 2,650 11,113 (9,469) 1,840 22 9,481
Profit for the period - - - - 56 20 76
Total comprehensive income
for the period - - - - 56 20 76
Transactions with owners
Ordinary shares issued
(net of expenses) 2,367 4,216 19,346 - - - 25,929 Share based payments - - - - 639 - 639 Deferred tax on share based payments - - - - 543 - 543 Non-controlling interests adjustment - - - - - 28 28 Total transactions with owners 2,367 4,216 19,346 - 1,182 28 27,139 At 27 March 2016 5,692 6,866 30,459 (9,469) 3,078 70 36,696
The Fulham Shore PLC
Unaudited Consolidated Cash Flow Statement
for the six months ended 25 September 2016
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Net cash from operating
activities 7 6,391 2,964 3,718
Investing activities
Acquisition of property,
plant and equipment (5,664) (3,416) (7,085)
Cash flow from acquisition
of subsidiaries 8 (376) (6,249) (6,249)
Net cash flow used in
investing activities (6,040) (9,665) (13,334)
Financing activities
Proceeds from issuance
of new ordinary shares
(net of expenses) 23 4,648 4,648
Repayment of bank borrowings - (1,870) (2,120)
Capital received from
bank borrowings 800 2,160 2,910
Interest received 1 3 4
Interest paid (54) (46) (88)
Net cash from financing
activities 770 4,895 5,354
Net increase/(decrease)
in cash and cash equivalents 1,121 (1,806) (4,262)
Cash and cash equivalents
at beginning of the period (373) 3,889 3,889
Cash and cash equivalents
at end of period 6 748 2,083 (373)
The Fulham Shore PLC
Notes to the Unaudited Interim Financial Information
for the six months ended 25 September 2016
1. General information
The Fulham Shore PLC is a public limited company incorporated and domiciled in England and Wales. The address of the registered office is 1(st) Floor, 50-51 Berwick Street, London, W1F 8SJ, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Group's website at http://www.fulhamshore.com.
2. Basis of preparation
The unaudited interim financial information for the six months ended 25 September 2016 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 27 March 2016, and those to be applied for the year ending 26 March 2017.
The unaudited interim financial information was approved by the Board on 16 December 2016.
The unaudited interim financial information for the six months ended 25 September 2016 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 27 March 2016. Statutory accounts for the period ended 27 March 2016 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement either under section 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (GBP'000) except when otherwise indicated.
3. Segment information
For management purposes, the Group was organised into two operating divisions during the year ended 27 March 2016. These divisions, The Real Greek and Franco Manca, are the basis on which the Group reports its primary segment information. All other segments include the Bukowski Grill franchise and the Fulham Shore head office.
For the six months ended 25 September 2016 (Unaudited)
The Real Franco All other Total
Greek Manca Segments
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 6,951 12,595 351 19,897
Headline EBITDA 1,464 2,627 (385) 3,706
Depreciation and
amortisation (274) (955) (33) (1,262)
Headline operating
profit 1,190 1,672 (418) 2,444
Operating profit/(loss) 964 409 (518) 855
Finance income 1 - - 1
Finance costs - - (53) (53)
Segment profit/(loss)
before taxation 965 409 (571) 803
Income tax expense (277)
Profit for the
period 526
Assets 7,307 44,788 3,258 55,353
Liabilities (3,784) (9,000) (4,737) (17,521)
Net assets 3,523 35,788 (1,479) 37,832
Capital expenditure 513 5,277 121 5,911
Headline EBITDA is defined as EBITDA before amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, onerous lease costs, restructuring costs, costs of reverse acquisition, cost of acquisition, share based payments, loss on disposal of property, plant and equipment and pre-opening costs.
For the six months ended 27 September 2015 (Unaudited)
The Real Franco All other Total
Greek Manca Segments
GBP'000 GBP'000 GBP'000 GBP'000
External revenue 6,255 7,647 - 13,902
Headline EBITDA 1,175 1,757 (341) 2,591
Depreciation and
amortisation (255) (621) (5) (881)
Headline operating
profit 920 1,136 (346) 1,710
Operating profit 842 68 (680) 230
Finance income 2 - 1 3
Finance costs (2) (8) (36) (46)
Segment profit/(loss)
before taxation 842 60 (715) 187
Income tax expense (61)
Profit for the
period 126
Assets 7,183 37,875 3,041 48,099
Liabilities (2,816) (6,590) (2,698) (12,104)
Net assets 4,367 31,285 343 35,995
Capital expenditure 463 2,938 15 3,416
For the year ended 27 March 2016 (Audited)
The Real Franco All other Total
Greek Manca Segments GBP'000
GBP'000 GBP'000 GBP'000
External revenue 11,699 17,494 58 29,251
Headline EBITDA 1,892 4,014 (674) 5,232
Depreciation and
amortisation (521) (1,414) (17) (1,952)
Headline operating
profit 1,371 2,600 (691) 3,280
Operating profit 1,082 477 (1,052) 507
Finance income 3 - 1 4
Finance costs (2) (8) (78) (88)
Segment profit/(loss)
before taxation 1,083 469 (1,129) 423
Income tax expense (347)
Profit for the
year 76
Assets 6,072 39,616 3,340 49,028
Liabilities (2,241) (5,806) (4,286) (12,332)
Net assets 3,831 33,810 (946) 36,696
Capital expenditure 753 5,978 485 7,216
4. Income Tax Expense
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Based on the result
for the period:
UK Corporation tax at
20% (2015: 20%) 386 221 588
Adjustment in respect
of prior periods - (20) (51)
Total current tax 386 201 537
Deferred taxation:
Origination and reversal
of temporary differences (109) (140) (190)
Total deferred tax (109) (140) (190)
Total taxation charge 277 61 347
5. Earnings per share
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the purposes
of basic and diluted
earnings per share: 510 112 56
Share based payments 297 257 639
Deferred tax on share
based payments (50) (60) (135)
Pre-opening costs 855 476 908
Loss on disposal of
property, plant and
equipment 1 21 -
Amortisation of brand 411 342 821
Deferred tax on amortisation
of brand (68) (57) (137)
Exceptional costs -
acquisition costs 26 405 405
Headline profit for
the period for the purposes
of Headline basic and
diluted earnings per
share: 1,982 1,496 2,557
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
No. '000 No. '000 No. '000
Weighted average number
of ordinary shares in
issue for the purposes
of basic earnings per
share 569,468 540,390 554,811
Effect of dilutive potential
ordinary shares:
- Share options 30,668 52,501 29,553
Weighted average number
of shares for the purpose
of diluted earnings
per share 600,136 592,891 584,364
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
Earnings per share:
Basic 0.1p 0.0p 0.0p
Diluted 0.1p 0.0p 0.0p
Headline basic 0.3p 0.3p 0.5p
Headline diluted 0.3p 0.3p 0.4p
6. Cash and cash equivalents
As at As at As at
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash at bank and in
hand 748 2,083 197
Cash and cash equivalents
as presented
in the balance sheet 748 2,083 197
Bank overdraft - - (570)
748 2,083 (373)
Bank balances comprise cash held by the Group on a short term basis with maturity of three months or less. The carrying amount of these assets approximates their fair value.
7. Reconciliation of net cash flows from operating activities
Six months Six months Year
ended ended ended
25 September 27 September 27 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit before taxation 803 187 423
Adjustments:
Finance income (1) (3) (4)
Finance costs 53 46 88
Depreciation and amortisation 1,673 1,223 2,772
Loss on disposal of
property, plant and
equipment 1 21 -
Share based payments
expense 297 257 639
Cost of acquisition 26 405 405
Operating cash flows
before movement in working
capital 2,852 2,136 4,323
Increase in inventories (150) (49) (213)
(Increase)/decrease
in trade and other receivables (1,090) 70 131
Increase in trade and
other payables 4,765 1,029 27
Cash generated from
operations 6,377 3,186 4,268
Income taxes received/(paid) 14 (222) (550)
Net cash from operating
activities 6,391 2,964 3,718
8. Acquisition of FM111 Limited
On 25 July 2016, the Group acquired the entire issued share capital of FM111 Limited for a consideration of GBP350,000 in cash.
The provisional fair values allocated to the assets and liabilities acquired are as follows:
25 July
2016
Unaudited
GBP'000
Property, plant and equipment 350
Total identifiable net
assets and total consideration 350
The cost of acquiring FM111 Limited, totalling GBP26,000, has been recognised in the consolidated statement of comprehensive income.
No goodwill has been recognised on this transaction.
The above fair values are provisional pending a full fair value exercise which will be performed prior to the finalisation of financial statements for the full year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKPDQOBDDQBD
(END) Dow Jones Newswires
December 16, 2016 02:00 ET (07:00 GMT)
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