-Wagamama-owner Restaurant Group rises as co says on track to meet FY forecast

Restaurant

19/07/2023 08:54

** Restaurant Group's  RTN.L  shares  RIC  up 10% at 43p;
top gainer on FTSE small cap index 
    ** Says strong dine-out sales in the second quarter despite
a hit from hot weather conditions in late May and June 
    ** The owner of Wagamama restaurants and Frankie & Benny's
on track to deliver on its annual expectations 
    ** Total like-for-like sales at its Wagamama noodle chain
rose 5% and sales at its pubs up 13% in the quarter ended July 2
    ** "We believe Wagamama and Brunning & Price pubs are
quality assets undervalued by the market, with potential to
unlock significant equity value" -analysts at Stifel
    ** Up to Tuesday's close, stock up ~25% YTD
    
   

 (Reporting by Radhika Anilkumar in Bengaluru;)
 ((Radhika.Anilkumar@thomsonreuters.com;))