Mitchells & Butlers (MAB) Trading Update summary

Sales performance

• Like-for-like sales grew 5.2% year-to-date, with all brands achieving growth.

• Total sales increased by 5.9% for the year to date.

• Fourth quarter growth reflected easing inflation, a cool and wet summer, and city centre riots in August.

• Food and drink sales growth moderated through the year, with Q4 like-for-like sales at 2.5%.

Investments and initiatives

• Completed 185 conversions and remodels, and opened six new sites year-to-date.

• Rolled out energy-saving initiatives, including solar panels and sensors.

Cost management and outlook

• Net cost headwinds expected to reduce to around £55m this year.

• Labour cost increases largely offset by energy cost deflation and slowing food inflation.

• Strong cost control at site level supports profitability.

• Confident in delivering full-year results at the upper end of consensus expectations.