Restaurant Group PLC (LSE:RTN) raised full-year expectations, sparking a mini-stampede for the shares.
The Wagamama and Frankie & Benny’s restaurant chain operator said that since it last updated the market in mid-September, it has traded well, with like-for-like (LFL) sales growth exceeding that of the market across its Wagamama, Pubs and Leisure businesses.
Even the hard-pressed venues in UK airports are seeing a pick-up in business, the group revealed.
As result, the group now expects adjusted underlying earnings for 2021 will be in the range of £73-79mln, subject to no unexpected Covid related disruptions being announced before the end of the financial year.
Full-year net debt is now expected to be less than £190mln, with the improved position driven primarily by the robust trading performance, the group said.
Shares in Restaurant Group were up 16% at 91.9p in mid-morning trading.