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Interim Results

Mitchells & Butlers reported H1 pretax profit slips

17 May 2017 07:20

Mitchells & Butlers has reported an H1 pretax profit of £75m, down from the £83m it recorded a year earlier.

Interim dividend was 2.5p a share. Total revenue was £1.12bn, from £1.1bn. Like-for-like sales were up 1.6% for the half year, and up 1.9% in the first 33 weeks of the year.

"During the half year we have generated sustained sales growth, whilst consistently out-performing the market," said CEO Phil Urban.

"This comes from the good progress we have made in our three priority areas: building a more balanced business; instilling a more commercial culture; and driving an innovation agenda."

Urban said, as previously announced, margins had been adversely impacted by increased costs, most notably from wage inflation, property costs and exchange rate movements.

"In order to partially mitigate these costs we have been working hard to encourage our guests to trade up and increase spend per head for a more premium experience whilst challenging our General Managers to run their businesses as cost effectively as possible," he said.

"Overall, we are pleased with the turnaround in our sales trajectory and relative performance against the market. In a challenging cost and consumer environment we will continue to focus on our three priority areas."

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