Markets raise a glass to Mitchells & Butlers’ profit growth

The price of shares in FTSE 250 pub landlord Mitchells & Butlers (LON:MAB) has risen by 4.48% to 466p (as of 13:45 GMT) as profits before tax for the year ended 28th September climbed by 36%. Like-for-like sales for the period were up 3.5% and operating margins also improved.

CEO Phil Urban commented: “These strong results reflect the work we have done over the last few years, first to build sustained sales growth and then to convert that into profit growth. It has been extremely encouraging to see an improvement in like-for-like sales growth across the portfolio during the year, fuelled by our Ignite programme of work. This puts us in a stronger position as we move forward into the next financial year, in what we expect to remain challenging market conditions“.