Mitchells & Butlers sees FY at top end as cost pressures ease

Pub and restaurant chain Mitchells & Butlers said it expected full-year earnings would be at the top end of expectations after a strong rise in sales and easing of cost headwinds.

The company said strong trading had continued through the fourth quarter, bringing year to date like-for-like sales growth to 9.1%, with total sales growth now of 10.5%.

"Cost headwinds are abating and remain at the bottom end of the range previously identified. We remain mindful of the challenging macroeconomic environment and pressures on the consumer however, as trading continues to be strong, we have confidence that the current year outturn will be at the top end of consensus expectations, with momentum into FY 2024," M&B said in a trading update.

Reporting by Frank Prenesti for Sharecast.com