M&B half-year revenues approach £1.5bn

Mitchells & Butlers (M&B) has published its half-year financial results for the 28 weeks ended 12 April, reporting a revenue of £1.45bn.

The business, which owns and operates restaurant and bar brands including Browns, Miller & Carter and All Bar One, saw an operating profit of £181m, up 10.4% from the prior half-year (HY24: £164m). 

It delivered like-for-like sales growth of 4.3% in the first half of the year, while its operating margin increased to 12.4% (HY24: 11.7%). The business says full-year operating profit is expected to be at the top end of the current consensus.

Reported results

The group cites total revenue of £1,454m, an increase on the £1,396m earned in the previous half-year. This amounted to a profit before tax of £134m (HY24: £108m) and basic earnings per share of 16.8p (HY24: 13.6p). 

"The strength of our first-half performance is driven by continued focus on maximising the guest appeal of our diverse portfolio of brands to drive sales, supported by efficiency initiatives delivered through our Ignite programme of work," says Phil Urban, chief executive of M&B. "We are delighted with the like-for-like sales performance, which continues to outperform against the market."

As the business enters the second half of 2025, with the impact of increased employer National Insurance Contributions, it says it will remain focused on delivering its Ignite initiatives and capital investment programme, driving further cost efficiencies and increased sales.

"Notwithstanding a likely increase in cost headwinds next year, we have confidence that relentless focus on delivery of our strategic priorities will generate further value from our well-invested and strategically located estate portfolio and compelling customer offers," adds Urban. 

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