Sumary of MARKET REPORT: Wagamama owner hit as staff shortages bite:
- Benny’s owner The Restaurant Group was the biggest faller on the FTSE 250 as it fell victim to the staff shortages and rising costs sweeping the UK.Chief executive Andy Hornby flagged up several ‘challenges’ including the end of the temporary cut to VAT for hospitality firms as well as ‘labour availability and increased cost pressures’.
- Model train maker Hornby, which dropped 7.9 per cent, or 3.5p, to 41p, highlighted ‘potential supply disruption’ at ports ahead of Christmas.
- Stock Watch – Petrotal AIM-listed Petrotal flowed higher after noting record production from its flagship Bretana oil field in Peru.
- Petrotal said the production rates from the 8H well are running at between 7,500 and 8,000 barrels a day, which chief executive Manuel Pablo Zuniga-Pflucker was ‘very exciting’ and reflected the company’s ‘prolific’ 5H well at the site.
- Meanwhile, tonic maker Fever-tree said it had been ‘increasingly impacted’ by disruption in supply chain networks, particularly global shipping and a lack of lorry drivers.
- Fuel cell maker Ceres Power jolted higher as two projects aimed at creating zero-emission vessels in British shipyards have secured funding from the Government.