Hardman & Co Research on The Fulham Shore (FUL): Resilient first-half trading

Hardman & Co Research on The Fulham Shore (FUL):

Resilient first-half trading

Fulham Shore reported robust trading in the first half, with revenues up 26%, to £50m. Higher pre-opening costs and the absence of various COVID-19 support measures restricted adjusted EBITDA to £6m (1H’22 £7m). However, the effect of the cost-of-living crisis and, more immediately, the transport strikes, has hindered current trading. The company is going to lower its expansion plans and focus on cash generation for the coming year. It has a strong balance sheet, with net cash of £2.8m at the half-year and a largely unused bank facility of £17m.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.