Food offering driving growth at Mitchells and Butlers
Pubs owner Mitchells and Butlers saw profits before tax subside slightly at the half year stage but at least the key metric of like-for-like sales (LFL) was going in the right direction.
Pubs owner Mitchells and Butlers saw profits before tax subside slightly at the half year stage but at least the key metric of like-for-like sales (LFL) was going in the right direction.
Statutory profit before tax in the 28 weeks to April 7th was down £1m at £42m.
LFL sales were up 0.2% year-on-year since the last trading update, which was 11 weeks before the end of the reporting period, despite LFL "wet" sales falling 0.8%; food sales picked up the slack and rose 0.9% in the 11 weeks to April 7th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
For the full 28-week reporting period, LFL sales were up 2.7%, with food sales up 3.4% and drink sales up 2.2%.
More to follow ...
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Investors pulled £4.2bn from equity funds ahead of Budget tax raid
October was the third-worst month on record for fund flows, new figures show, as investors sold assets ahead of the Autumn Budget
By Katie Williams Published
-
What Keir Starmer's ‘Plan for Change’ means for you - six milestones explained
Prime Minister Keir Starmer has set out six milestones that the public can judge the government by - we reveal Labour's top policy targets
By Marc Shoffman Published