Mitchells & Butlers Plc. (MLB, MAB.L) reported that Profit before tax for the 28 weeks ended 13 April 2013 rose to 72 million pounds from the previous year's 42 million pounds.
Profit for the period grew to 58 million pounds from the prior year's 36 million pounds, with earnings per ordinary share improving to 14.1 pence from the previous year's 8.7 pence.
Adjusted earnings per ordinary share were 14.6 pence, higher than last year's 12.4 pence.
Revenue for the period increased 2.3% to 991 million pounds from last year's 969 million pounds, as a result of modest growth in like-for-like sales together with the contribution from new restaurants and pubs. Revenue growth was driven principally by food sales which comprise 51% of total sales and were up 4.5% in the period, whilst drink sales were marginally higher than last year.
Like-for-like sales were up 0.3%, with strong trading across special occasions such as Christmas, Valentine's Day and Easter but weaker trading in January and March as a result of extended periods of cold and snowy weather. In both drink and food, volumes have been lower year-on-year with positive movements in spend and price.
"For some time to come, we expect consumer confidence and discretionary income growth to remain subdued. Consumers in lower income deciles are likely to continue to be more stretched than more affluent groups and London and the South East are likely to remain the main geographic drivers of economic growth. We are confident in our ability to grow further in the future as a result of our broad brand portfolio, high quality assets and the transformation of our operations and culture, as set out today," the company said.
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