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Fulham Shore, the owner of The Real Greek and Franco Manca restaurants, first-half profit nearly halved in the first half of its fiscal year as costs of opening new restaurants offset revenue growth.
For the six months ended 29 September, pre-tax profit fell to 743K from £1.48m on-year and revenue increased 9.3% to £36.0m.
The company opened 7 new restaurants leading to an increase in pre-opening costs to £0.5m from £0.2m.
Current trading remained satisfactory but the sector's outlook was not helped by 'poor' consumer confidence, Fulham Shore said.
'Looking ahead, the board remains confident that Fulham Shore is well positioned for continued growth and a great future. We look forward to continuing this positive momentum in the period ahead,' it added.