Mitchells & Butlers, the UK pub group in which Irish billionaires John Magnier and JP McManus have a significant stake, posted a rise in annual sales growth, as more customers stepped out to grab drinks and food at its pubs despite a high inflationary environment and a cost of living crisis.
Cost headwinds, which poses a big challenge for the UK's hospitality industry, have started to abate, while high inflation has not deterred demand.
While the macroeconomic concerns keep consumer spending under pressure, Mitchells has witnessed strong trading aiding it to reiterate its annual forecast at the top end of market expectations.
The pub group had earlier tweaked its menus to manage high costs and inflationary pressures on food and energy.
The owner of Toby Carvery, Harvester, and All Bar One brands said like-for-like sales growth for the year ended September 24th was up 9.1 per cent, with fourth quarter sales growth rising 9.7 per cent. - Reuters
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