Mitchells & Butlers (LON:MAB) said first-half trading remained ahead of the wider market, with management pointing to resilient sales, cost controls and balance sheet progress despite weaker second-quarter momentum and significant inflationary pressures.
Chief Executive Officer Phil Urban said the pub and restaurant operator delivered profit “just slightly ahead of expectations and slightly ahead of last year” in the second quarter, despite higher employer national insurance costs and elevated steak prices. He said the performance showed “the power” of the company’s Ignite improvement program and its work on cost mitigation.
