Mitchells & Butlers PLC (LSE:MAB) is raising a glass to a sunny third quarter, with like-for-like sales jumping 5% as Brits headed out for food and drinks.
That’s helped the pub and restaurant giant lift year-to-date sales growth to 4.5%, ahead of the wider market.
Chief executive Phil Urban said the group was more than holding its own: “The business continues to perform strongly, enabling us to meet the cost challenges facing the sector with confidence.”
Sales of both food and drink were up, helped by good weather and a well-timed Easter boost. M&B has also been busy on the investment front – it’s revamped 150 pubs and restaurants so far this year and rolled out energy-saving upgrades like solar panels and smart sensors.
Two new sites have opened their doors, and the group has snapped up the freehold of two others.
On the finance side, M&B has refinanced its revolving credit facility, now at £150 million and extended to 2028 – and it’s not touched a penny of it yet.
With sales steaming ahead and cost pressures in check, M&B now expects full-year results to come in at the top end of expectations.
The group owns and operates household names including Toby Carvery, Harvester, Miller & Carter, and All Bar One.