Mitchells & Butlers results toasted by markets

The price of shares in pub landlord Mitchells & Butlers (LON:MAB) has risen by 2.58% to 305.19p (as of 12:45 BST) after it posted an update for the 43 weeks to 27th July. Like-for-like sales for the period were 3.6% higher than in the same period of the 2018 and overall sales were up by 4.1%.

Mitchells & Butlers CEO Phil Urban said: “We are pleased with sales performance which remains convincingly ahead of the market. Whilst growth across the market during the early weeks of the period reflected the World Cup and sunny weather last year, we are encouraged by how growth has strengthened in recent weeks. We remain confident in the momentum we have gained, and which continues to build, driven by the ongoing impact of numerous Ignite 2 initiatives“.