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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
