Mitchells & Butlers continues growth thanks to strong demand for eating out from consumers
Buoyant demand for eating out from UK consumers has helped pub operator Mitchells & Butlers (M&B) record continued growth in the first half of the year.
Growth was particularly strong at pubs located in residential areas with like-for-like sales up 5.1% (32 weeks to 13 May). M&B said its central London estate had continued to recover well from the knock it took last year after the terrorist attacks, also.
However, on the high-street its bars and venues division found things tougher, as later opening hours for local pubs bought in under last year's licensing changes in England and Wales intensified competition for punters and pegged like-for-like sales growth at 2.3%.
M&B serves 80 million meals a year and brands such as All Bar One, O'Neils, Ember Inns and Toby Carvery, and food is now its largest earner.
Turnover in the 28 weeks ended 15 April increased 2.7% to £887m (2004: £864m). Pre-tax profit jumped 9.6% to £91m (2004: £83m).
In May, property investor Robert Tchenguiz, owner of the Laurel Pub company, abandoned his attempt to buy M&B after its board of directors turned his official bid down.
M&B has already made clear its interest in the package of Brewers Fayre and Beefeater restaurants put on the market by owner Whitbread.
It said its current trading in the 16 weeks to 13 May 2006 had been strong with same outlet like for like sales up 4.4%.
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