Mitchells & Butlers shares rose on Friday after announcing strong full-year results with like-for-like sales up 4.3%, outperforming the market by around 3%.
The company reported adjusted operating profit of £330m, up 5.8% on the prior year, with margins improving to 12.2%.
Total revenue reached £2,711m for the 52 weeks ended 27 September 2025.
Trading was particularly robust during the festive period last year, with like-for-like sales surging 10.4%. Investors will hope this can be replicated in the coming weeks.
The first quarter achieved 3.9% growth despite adverse weather, whilst the second quarter delivered 4.7% growth aided by good weather and strong Mother’s Day trading.
Third-quarter performance benefited from Easter’s timing shift, achieving 5% like-for-like growth. The fourth quarter saw 3.2% growth, with solid performances in mid-market pubs and restaurants, though London and premium venues were slightly weaker.
But investors will be more interested in what’s happened since the end of the period and a pick up in trade at the beginning of their new financial year.
Mitchells & Butlers shares were 8% higher at the time of writing.
“Mitchells & Butlers is one of the first consumer-facing companies to assess the impact of tax rises and the further hike in the National Living Wage. In its full-year results, like-for-like sales growth was a smidgen ahead of recent guidance, up 4.3%, with total revenue coming in at £2.7 billion,” said Derren Nathan, head of equity research, Hargreaves Lansdown.
“Operating profit rose £22 million to £322 million. After a slowdown in fourth quarter trading, markets should respond well today to news of a bounce back in the last 8 weeks, with resilient like-for-like growth of 3.8%. Cost inflation guidance for this year was already high at 6% so there may be some relief that this remains unchanged in the wake of recent policy announcements with the shares up 8% at the open.”