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Restaurant Group shares dive 20% Restaurant Group shares dive 20%
(about 4 hours later)
(Open): Shares in Restaurant Group - the owner of Chiquito and Frankie & Benny's - dived more than 20% after it cut its profit forecast. (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 full-year like-for-like sales will fall by between 2.5% and 5%, and expects profits to be £74m-£80m. 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.
The FTSE 100 was down 49.74 points, or 0.8%, at 6272.66. Shortly before midday, the FTSE 100 was down 53.10 points, or 0.8%, at 6,269.30.
BA owner IAG was the biggest faller in the FTSE 100, with its shares down more than 4%. The airline group said it was slowing its growth plans after it saw weaker demand following the Brussels terror attacks. 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.
On the currency markets, the pound edged up 0.1% against the dollar to $1.4626, but slipped 0.1% against the euro to €1.2845. 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.