Wagmama owner Restaurant Group projects higher annual profit (updated)

Restaurant

06/09/2023 07:25

(Adds background in paragraphs 2 and 6, forecast details in 3,
analyst expectations in paragraph 4)
       Sept 6 (Reuters) - 
    Restaurant Group  RTN.L ,the owner of Wagamama and Brunning
& Price restaurants, said on Wednesday it expects annual profit
to be higher after posting an increase in first-half earnings
helped by more people dining at its joints.
  
    Consumers are willing to spend at restaurants and pubs
despite a cost of living crisis, but an uncertain economic
environment continues to pose challenges for the hospitality
sector.
        The group, which did not mention a range for its profit
expectations for the year, said cost outlook for the medium term
continued to improve. 
  
        Analysts, on average, expected core profit to be about
77.5 million pounds for the year, according to company compiled
consensus.  
  
         The group, which operates more than 400 restaurants and
pubs mostly across the UK, has been under pressure from
investors over the last few months to increase profitability and
more recently, to replace its chairman.
  
    Restaurant Group reported a 15% rise in adjusted core profit
to 36.3 million pounds ($45.7 million) for the half-year ended
July 2.

($1 = 0.7952 pounds)

 (Reporting by Radhika Anilkumar in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Radhika.Anilkumar@thomsonreuters.com;))