Mitchells and Butlers investors raised a glass to the pub group’s fourth quarter and full-year trading update revealing solid revenue growth across the year and strong sales in both food and drink.

Group like-for-like sales jumped 9.1% for the full year year as drink sales grew 9.6%. Food sales in the fourth quarter surged 11.6%.

Mitchells and Butlers’ shares were 2.3% higher at the time of writing on Thursday.

“Pub giant Mitchells and Butlers has been making hay while the sun shines, and through some rain too. Like for like takings grew 9.1% for the 52 weeks as a whole,” said Derren Nathan, head of equity research at Hargreaves Lansdown.

“The out-performance against the rest of the market is impressive, particularly in a time when customers pockets are facing an unprecedented squeeze. Alongside the cheery update on sales, the news that cost pressures are starting to abate should also bring some comfort to investors.  

“However with the valuation now sitting above the long term average, there’s not much room for disappointments. But for now customers are still prepared to spend a little more on their trip to the pub. If costs stabilise management may not need to ask punters’ to stomach more significant price rises.“

Ceres Power Holdings announced its financial results for the first half of 2023 on Thursday, showing increased revenue, gross profit and continued investment in R&D.

Revenue rose 17% to £11.3 million, while gross profit grew to £6.9 million. However, the company’s loss widened as it invested £30.6 million in developing new technologies in their ‘Investment in the future’ scheme.

Ceres Power shares were down 0.5% to 327p at the time of writing on Thursday.

The fuel cell business drove revenue growth with an increase to £10.6 million. Major operational development in the fuel cell included construction completion on Doosan’s 50MW South Korean factory using Ceres’ technology and Bosch’s power units utilising Ceres fuel cells receiving €160 million in EU funding.

The newer electrolysis business recognized £0.7 million in early revenue. The first megawatt-scale electrolyzer is undergoing testing before deployment to a Shell site in India. New collaborations with Linde and Bosch will demonstrate a megawatt-class electrolyzer in Germany in 2024.

Despite higher revenue and gross profit, Ceres continued to invest heavily in R&D and expanding operations globally which weighed on profits. The loss before interest, tax, depreciation and amortisation widened 19% to £23.8 million.The investment reduced cash reserves to £161.2 million.

Phil Caldwell, Chief Executive Officer of Ceres commented: 

“We are at an important stage of the Company’s growth as we support our partners to scale manufacture for our existing fuel cell business, and make rapid progress in the development of our game-changing electrolyser technology, which will enable new partnerships to address the huge market opportunity for green hydrogen. Our recent inclusion in the FTSE250 index and the recognition for engineering innovation of the MacRobert Award have been made possible by the progress of the Company, and the hard work the team has put into maturing the Ceres technology over many years.”

The FTSE 100 swung between gains and losses on Wednesday as investors weighed the prospect of higher interest rates for a longer period, poor economic data, and the impact of oil on inflation.

The FTSE 100 was down 0.3% at the time of writing on Wednesday.

“The looming threat of a government shutdown in the US, a weak consumer confidence reading overnight and continued industrial action by the country’s auto workers are creating a mood of instability which, when added to the strong hints that rates will stay elevated for an extended period, is not a happy cocktail for stocks,” said AJ Bell investment director Russ Mould.

The S&P 500 closed 1.5% lower overnight, one of the worst daily declines of 2023. US stocks started Wednesday’s session firmly higher but the rally faded as the session progressed.

The S&P 500 was 0.2% higher shortly after 3pm on Wednesday. How US stocks perform overnight could have a major impact on European shares tomorrow as global stocks struggle to find a bid.

“Nerves are frayed about the impact of high interest rates in the United States, while fragility in China is showing up once again,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

IMI plc was the FTSE 100’s top riser with a 4% surge while a splattering of miners and natural resources made tepid gains.

Ocado was the top loser shedding 8% as the premium retailer was broke to the lowest levels since being downgraded by Exane last week.

Ithican Energy shares surged on Wednesday after the UK government gave the green light for the development of the Rosebank oil field off the Shetland Islands.

Ithaca Energy has a 20% stake in Rosebank, the largest undeveloped oil field in the UK.

Ithaca Energy and Equinor have announced a £3.8 billion investment in the first phase of the Rosebank oil field development northwest of Shetland. The North Sea Transition Authority granted approval on 27 September.

Rosebank holds an estimated 300 million barrels of recoverable oil, with 245 million targeted in Phase 1. The field will use subsea wells tied to a redeployed floating production, storage and offloading (FSPO) vessel. First oil is expected in 2026-2027.

At peak, the £8.1 billion project should create around 1,600 UK construction jobs and 450 long-term UK roles. Major contracts include a £500 million subsea deal for TechnipFMC, a £328 million Odfjell rig contract, and an Altera FPSO charter.

The field lies 130 kilometres northwest of Shetland with estimated recoverable resources of 300 million barrels. Phase 1 targets 245 million barrels.

The FPSO will enable first production in 2026-2027. Rosebank should produce over 21 million standard cubic feet of natural gas daily, comparable to Aberdeen’s usage.

The development is forecast to spur £8.1 billion in investment, 78% within the UK. Around 1,600 construction roles and 450 longer-term UK jobs are expected.

Gilad Myerson, Executive Chairman, Ithaca Energy, commented:

“We are delighted to announce the decision to move forward with the Rosebank development alongside Equinor. Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact. The Rosebank project will create thousands of jobs and contribute significantly to securing the UK’s energy needs for many years to come.”

Ithaca Energy shares were 8% higher at the time of writing.