Mitchell’s & Butlers first half like-for-like sales grew 4.3% to £1.5bn, almost entirely driven by higher prices. This growth, combined with cost efficiencies drove a 10.4% increase in operating profit to £181mn.
Free cash flow fell slightly to £213mn reflecting higher capital expenditure. Net debt including leases was £1.3bn.
Like-for-like sales in the 10 weeks preceding the announcement rose by 6.0%.
Full year operating profit is expected to be at the top end of current consensus forecasts which range between £304mn and £326mn.
The shares were up 4.3% in early trading.
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Mitchells & Butlers key facts
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