FTSE LIVE: Wetherspoons stung by spiralling costs; Restaurant Group counts cost of closures and Wagamama takeover; Stocks open in the green as sterling slips
- JD Wetherspoon profits dropped last year as it faced higher costs
- The Restaurant Group’s bottom line was dented by closures and acquisitions
- The FTSE 100 rose 0.33 per cent at the open to above 7,200
Profits at JD Wetherspoon tumbled in the first half of the year as rising sales failed to offset an increase in costs at the pub group.
The Restaurant Group’s annual profits declined as it booked higher costs relating to store closures and the recent £559million acquisition of Wagamama.
And the footsie is in the green at the open, above 7,200, as the volatile pound takes a tumble from Thursday night’s highs.