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Restaurant Group shares dive 20% | Restaurant Group shares dive 20% |
(about 4 hours later) | |
(Noon): Shares in Restaurant Group - the owner of Chiquito and Frankie & Benny's - dived more than 20% after it cut its full-year profit forecast. | |
Its shares fell 23% after the FTSE 250 company said it had seen "a further deterioration in trading conditions". | Its shares fell 23% after the FTSE 250 company said it had seen "a further deterioration in trading conditions". |
It now predicts sales will fall by 2.5%-5%, and expects full-year profits to be between £74m and £80m. | |
Restaurant Group added its chief financial officer, Stephen Critoph, was leaving with immediate effect. | Restaurant Group added its chief financial officer, Stephen Critoph, was leaving with immediate effect. |
Shortly before midday, the FTSE 100 was down 53.10 points, or 0.8%, at 6,269.30. | |
BA owner IAG was one of the the biggest fallers in the FTSE 100, with its shares down 3.8%. The airline group said it was slowing its growth plans after it saw weaker demand following the Brussels terror attacks. | |
The company - which also owns Iberia, Aer Lingus, and Vueling - also said it had seen weaker demand for its lucrative business and first class seats. | |
Royal Bank of Scotland shares fell 3% after the bank's first quarter losses more than doubled to £968m. | |
The bank said the widening loss was mainly due to a one-off dividend payment of £1.2bn to the UK government. Operating profits rose to £421m for the quarter, up from just £37m in 201 | |
On the currency markets, the pound edged up 0.1% against the dollar to $1.4627, but fell 0.3% against the euro to €1.2828. |