Updates

Fulham Shore

August 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A decent enough set of FY19 results: sales up, profits up and debt down. Having flagged in September that it would reduce its opening programme, Fulham Shore opened only four Franco Manca pizzerias, to leave 44 Franco Manca and 16 The Real Greek at the year end. The lower level of openings resulted in investment of £1.7m (2017: £7m), which helped net debt reduce from £12m to £8.9m.Sales benefited as last year’s stores made a full period contribution and grew by £9.3m or 17% to £64m (no like-for-like information provided). Adjusted profit after tax was £1.4m versus a £0.1m loss. Eps were 0.39pSince the year end it has added three further Franco Manca pizzerias in Greenwich, ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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