Mitchells & Butlers PLC
23 July 2026
23 July 2026
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Third Quarter Trading Update
Trading statement covering the 42 weeks ended 18 July 2026.
Sales
While challenging weather conditions moderated third quarter trading against strong comparatives, year-to-date like-for-like sales growth of 2.2% remains robust. Performance in the quarter was affected by the timing of Easter, which fell in the third quarter last year, reflecting an approximate 0.8ppt headwind to like-for-like sales growth. Several extended periods of extreme heat also had an adverse impact on trading. Pubs and other drink-led brands have generally performed well, assisted on selected days by the football World Cup. In contrast, the exceptional heat adversely affected our food-led businesses, particularly Toby Carvery and Miller & Carter.
Like-for-like sales:
|
Weeks 1-15 Q1 |
Weeks 16-28 Q2 |
Weeks 1-28 H1 |
Weeks 29-42 Q3 |
Weeks 1-42 YTD |
|
|
Food |
5.1% |
3.0% |
4.1% |
(2.4)% |
2.0% |
|
Drink |
3.8% |
0.7% |
2.4% |
2.6% |
2.5% |
|
|
|
||||
|
Total |
4.5% |
1.8%
|
3.3% |
0.0% |
2.2% |
Total sales in the year to date have increased by 1.3%.
Investments
Given the strength of our investment programme, we have accelerated the number of projects this year and so far, we have completed 181 conversions and remodels. Additionally, we have acquired 10 new sites, 2 leasehold sites in Germany and 8 freeholds in the UK, in addition to the purchase of 4 freehold interests in existing sites. We continue the rollout of initiatives to reduce energy usage, such as solar panels and sensors.
Outlook
Cost inflation expectations remain unchanged at c.£120m this financial year, reflecting the challenge facing the whole sector. However, the actions taken across the business, together with the benefits of our Ignite programme and investment strategy, provide confidence in our ability to deliver a full-year outturn for the current year in line with consensus expectations.
Phil Urban, Chief Executive, commented:
"Our business has performed with resilience during a quarter characterised by unusual weather patterns. The strength of our diversified portfolio has moderated the impact of external factors and together with the continued success of our investment programme and Ignite initiatives we remain confident in delivering our full-year expectations."
For further information, please contact:
|
Emma Harris - Chief Financial Officer |
+44 (0)121 498 6112 |
|
Amy de Marsac - Investor Relations |
+44 (0)121 498 6514 |
|
James Murgatroyd (FGS Global) |
+44 (0)20 7251 3801 |
Note for editors:
Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's, Ember Inns, Ego Restaurants and Pesto. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.
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