Mitchells & Butlers sees FY results at top end of consensus views

(Sharecast News) - Pub group Mitchells & Butlers said on Friday that it was confident full-year results would be at the top end of consensus expectations as it continues to perform ahead of the market. The company said third-quarter sales growth has remained "well ahead" of the market - as measured by the CGA Business Tracker - building on a strong performance through the first half.

The group benefitted from Easter and recent sunny weather, which pushed like-for-like sales growth for the year to date to 4.5%. Total LFL sales growth for the third quarter was 5%.

"Despite well publicised cost inflation challenges facing the sector we remain encouraged by the continued strong performance of the business, which remains well ahead of the market," M&B said.

"We are confident that this will lead to an outturn result for the current year at the top end of consensus expectations."

The pub chain said that so far this year, it has completed 150 conversions and remodels and opened two new sites, in addition to the purchase of two freehold interests in existing sites and the continued rollout of initiatives to reduce energy usage.