Famous Brands surges after it flags return to profit
Restaurant franchises owner’s good figures buck trend of lockdown restrictions hitting earnings
The share price of Famous Brands, owner of Steers, Wimpy and Mugg & Bean, surged more than 10% at one stage on Wednesday after it said lockdown restrictions and last July’s unrest did not derail its return to full-year profit.
Headline earnings per share (heps) from continuing operations are expected to rise 504%-639% to as much as 392c for the year to end-February, the group said in an update. But this profit measure, which excludes some once-off items, is still below prepandemic levels. ..