United States

Mitchells & Butlers posts H1 pretax profit of 75 mln pounds

Wednesday, 17 May 2017 02:00am EDT 

May 17 (Reuters) - Mitchells & Butlers Plc :H1 pretax profit 75 million stg versus 83 million stg year ago.Interim dividend 2.5 penceper share.H1 like-for-like sales a up 1.6% at half year and up 1.9% a in first 33 weeks of year.H1 adjusted operating profit of £149m b (H1 2016 £156m).Interim dividend of 2.5p (H1 2016 2.5p).H1 total revenue of £1,123m (H1 2016 £1,096m).Consumer confidence has remained fragile throughout 2016 and 2017, whilst spending remains in growth, albeit at a slowing rate.H1 operating profit of £145m (H1 2016 £157m).There is clearly some caution over future demand.In UK, have seen headline inflation figures start to rise recently and, more specifically, wholesale food inflation.Cost outlook for year is unchanged from that set out in full-year results last November and continues to present a challenge.Continue to monitor own prices carefully; have carried out some price adjustments, including both price increases and price reductions in local mkts.Now not seeing same level of new openings as two years ago, but marketplace remains highly competitive.