Mitchells & Butlers (MAB) Trading Update summary

Sales performance

• Like-for-like sales grew 10.4% over the festive three-week period, with record performances across brands.

• First quarter like-for-like sales rose 3.9%, outperforming the market despite adverse weather.

• Food and drink sales both contributed, with food up 4.0% and drink up 3.6% over 15 weeks.

• Total sales increased by 3.8% year-to-date.

Investments and initiatives

• 40 conversions and remodels completed year-to-date, with encouraging returns.

• Continued focus on the Ignite programme and capital investment to drive efficiencies and sales.

Outlook and strategy

• Confident in managing approximately £100m in annual cost headwinds, mainly from higher labour costs.

• Emphasis on leveraging a diverse brand portfolio and prime estate locations for future growth.

• Aims to deliver continued profit growth and market outperformance in the year ahead.