Fulham Shore (FUL)

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Engaged in the management and operation of The Real Greek, Franco Manca and Bukowski restaurants in the United Kingdom.

15-Dec-2017 – 11.75p – £67.1m – PER 17.3

Unaudited Interim Results For The 6 Months Ended 24 September 2017 – LFL Revenue up to £27.5m from £19.5m, Profit up to £0.6m from £0.5m. Classed as “satisfactory” the outlook sounds more pessimistic than optimistic.

After a 50% fall from 2017 highs this is still way too expensive for me.

24-Jul-2018 – 10.15p – £58.0m – PER 14.5

Results For The 12 Months To 25th March 2018 – This looks like a miss with Revenue below forecasts (on Stockopedia) and a small Loss rather than a small Profit.

Not sure we’ve seen the bottom here yet, I remain on the side-lines.

23-Aug-2018 – 11.35p – £64.9m – PER 147.4

AGM Statement And Trading Update (1st 21 Weeks Of The Financial Year) – Not particularly useful, Revenue up (no numbers).

No much here to get me off the side-lines, I remain Neutral.

7-Nov-2018 – 10.75p – £61.4m – PER 139.6

Trading Update – Turnover and customer numbers higher than LFL 6 1st 6 months of last year.

With no numbers at all or any mention of Profit it’s hard to do anything other than remain Neutral here for now. A quite useless update.

12-Dec-2018 – 9.4p – £53.7m – PER 122.1

Unaudited Interim Results For The 6 Months To 23rd September 2018 – Revenue up 20% to £33.0m with PBT up 35% to £1.5m.

Seems to be heading in the right direction but not enough to tempt me just yet – Will await the FY results.

28-Mar-2019 – 11.25p – £64.3m – PER 167.9

Year End Trading Update – In-line, considering Dividend.

Still seems to be heading in the right direction however the sector remains out of favour. I’m not quite tempted into the sector just yet.

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