Mitchells & Butlers profits up but pub group remains 'mindful of uncertainty'

The pub chain, whose brands include Harvester, Toby Carvery, All Bar One, Miller & Carter, Sizzling Pubs and Ember Inns, said it had built up strong sales momentum as it reported operating profit of £164m for the 28 weeks to April 13.

That was up 64 per cent from the same period last year and came as like-for-like revenue in the first half of the year was seven per cent up at nearly £1.4bn.

The figure will provide a boost ahead of a busy summer of sport which includes the Euros and Olympic Games.

Phil Urban, Chief Executive, said: "Continued like-for-like sales out-performance against the market, coupled with easing inflationary costs and focus on efficiencies, has resulted in very strong profit recovery for the period.

"We have confidence that continued focus on effective delivery of our strategic priorities will generate further value from our enviable estate portfolio and customer offers, enabling us to build further momentum throughout the year, with a strong foundation for long-term out-performance."

The company said cost headwinds are anticipated to total £55m this financial year, slightly less than previously expected.

The business said: "We remain mindful of uncertainty and pressures on the consumer.

"However, as trading continues to be strong, we have confidence that the current year out-turn will be at the top end of consensus expectations, with momentum for further progress going forward into financial year 2025."