Mitchells & Butlers holds FY guidance as sales rise

(Sharecast News) - Pub group Mitchells & Butlers held annual guidance on the back of a 4.2% rise in like-for-like sales in the year to date despite weaker trade within Greater London and its premium businesses. The Harvester and Toby Carvery owner forecast higher overall cost inflation next fiscal year of around £130m, or 6% of its cost base, but expected to outperform the sector via cost efficiencies.

Chief executive Phil Urban said sales growth in the 51 weeks to September 20 had been broad based, with "strong" like-for-like performances in both food and drink across its portfolio supported by cost management and capital investment.

Reporting by Frank Prenesti for Sharecast.com