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Market Wrap - Market Open

Restaurant Group leads FTSE higher

31 August 2017 08:49

The FTSE 100 added 0.22% to 7,381.32 on Thursday morning after gains in the US were tempered by a mixed performance among Asian equities.

Restaurant Group (RTN) surged 11.36% to 354.25p as investor confidence in its turnaround grew, despite first half results revealing a 29.5% drop in adjusting operating profit to £26.5 million and like-for-like sales down 2.2%.

Ladbrokes Coral Group (LCL) added 0.94% to 118.7p after reporting proforma group revenue of £1,198.0m in the first half, an increase of 1%, and proforma group operating profit before charging non trading items of £158.3m, up 7%.

Eddie Stobart Logistics (ESL) saw continuing double digit growth in the six months to the end of May with underlying revenue up 13% at £286.8m. Reported revenue increased to £286.8m from £266.4m and underlying EBIT rose by 14% to £16.9m. The shares stayed flat at 158.5p.

21st Century Technology's (C21) operating losses fell to £0.2m in the six months to the end of June - down from £0.5m last time. But revenues of £5.6m were down from £6.4m, sending the shares 3.7% lower to 3.25p.

Convenience retailer McColl's (MCLS) grew its total revenue by 31.1% in the third quarter after completing the integration of 298 acquired convenience stores. The shares added 0.38% to 267.5p. Story provided by StockMarketWire.com

Related Company: RTN

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