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Hermes Pacific Investments (HPAC)

Share Price:
60.50p
Change Today:
0.000p
Market Cap:
£1.41m

Indian Restaurants Group sells up

28 Sep 11

LONDON (ShareCast) - Indian Restaurants Group, which operates a chain of restaurants in the London area, fell sharply as it resumed trading after a suspension and announced that it plans to sell its restaurants to explore other investment opportunities.

In the 18 months to 31 March, losses totalled £1.62m against £1.05m for the previous 12 months. Revenues totalled £3.63m, up from £2.47m over the previous year.

“These results reflect the very tough trading conditions that we had highlighted in our previous annual and interim reports,” the company said.

“The restaurant sector is very competitive and, against a background of a slowing economy, we have had to continue with higher promotional activity in the period to retain our customers.”

The company said it was in the shareholders' bests interests to sell the restaurants and in the restaurants' best interests not to be part of a public company.

At 11.10am, shares in IRG were down by 0.75p at 1.12p.

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RG

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Market Data

Currency UK Pounds
Price 60.50p
Change Today 0.000p
52 Week High 72.50p
52 Week Low 60.50p
Volume 0
Shares Issued 2.33m
Market Cap £1.41m

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