After a bit of a gristly start, our nibble at Restaurant Group in October has finally started to provide some sustenance. Last week’s full-year results offered signs that the turnaround programme embarked on by the new boss, Andy McCue, is starting to pay off: the shares leapt by 13pc on the day.
The headline numbers looked fairly unappealing as the FTSE 250 firm showed an operating loss of £37m. That was due to a £117m charge to cover asset impairments and site closures, although even the underlying number showed a 9pc drop to £79m as like-for-like sales fell by 3.7pc.
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Talk of a “transitional” year in 2017 and the increased costs of the national living wage, the apprenticeship...
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