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Mitchells & Butlers: slow growth
Mitchells & Butlers, which owns a number of pub chains including Harvester, All Bar One and O’Neill’s, produced like-for-like revenue growth of 1.7% and total revenue growth of 3.1% so far in the third quarter.
Like JD Wetherspoon, Mitchells & Butlers has seen lower costs which has lead to better operating margins than in the first half of the year.
The pattern of growth follows a familiar pattern with high street pubs’ sales declining slightly, which those those in residential areas increased sales by 3.1% (both like-for-like).
M & B expects to achieve full year profits in line with current forecasts. So far today the price is down very slightly which confirms that today’s update contained no surprises.
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