Mitchells & Butlers reports ‘continued strong trading'
Mitchells & Butlers has reported "continued strong trading" in the 43 weeks ended 22 July 2023 as the group prepares to rebuild margins "towards pre-Covid levels from next year".
The managed restaurants and pubs group, which operates brands such as Harvester, All Bar One and Toby Carvery, revealed like-for-like sales increased by 8.9% in the year to date, up 10% from 2019 figures.
In its third-quarter trading statement, the group said growth was driven by higher spend-per-head, including a "record-breaking" Father's Day in June.
Trade was also "relatively consistent" outside of weeks impacted by rail strikes.
In the year to date, the group has completed 116 conversions and opened four new sites. Last month, it acquired the remaining 60% stake in 3Sixty Restaurants Limited, owners of Mediterranean-inspired pub and restaurant group Ego Restaurants, that it did not already own.
Although Mitchells & Butlers said it was "mindful of the challenging macroeconomic environment", with customers being more careful with their spending, it said "an improving cost outlook and continued strong trading through the third quarter " gave the group confidence for the rest of the year.
Phil Urban, chief executive of Mitchells & Butlers, said: "We are very pleased to report continued strong like-for-like sales growth through the quarter based on out-performance against the market a and underpinned by volume growth in both food and drink.
"We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales.
"Combined with our diverse portfolio of established brands, value proposition and enviable estate locations, we believe this leaves us well positioned to continue to outperform the sector and deliver a strong full year performance."
