Growth at Mitchells & Butlers is watered down by damp winter

City A.M. Reporter
SALES at pub and restaurant group Mitchells & Butlers were broadly flat in the first half, hit by poor weather as the company pressed ahead with a turnaround plan, the firm said yesterday.

The firm expects consumer confidence and income growth to remain subdued, sending its shares down 3.26 per cent.

Like-for-like sales were up 0.3 per cent in the 28 weeks ended 13 April, with strong trading across Christmas, Valentine’s Day and Easter but weaker trading in January and March as a result of cold and snowy weather.

The owner of the All Bar One, Harvester and O’Neills chains said pre-tax profit for the first half was in line with consensus at £72m, up from £42m a year ago, and underlying operating profits were up five per cent at £145m.

Revenue increased 2.3 per cent to £991m, driven by food sales.