- Mitchells & Butlers
- 23 July 2026 10:25:44
Source: Sharecast
Mitchells & Butlers said its Q3 performance was hit by the timing of Easter, which fell in the period last year and created an estimated 0.8% drag, while several spells of extreme heat also weighed on food‑led brands such as Toby Carvery and Miller & Carter. Drink‑led pubs, on the other hand, performed better, helped on selected days by the 2026 football World Cup.
The FTSE 250-listed said it had accelerated its investment programme, completing 181 conversions and remodels so far this year and acquiring ten new sites, alongside four freehold purchases of existing locations.
M&B kept its cost‑inflation outlook unchanged at around £120m for the year, noting the sector remained challenging. However, management said actions taken across the business, together with benefits from its Ignite programme and investment strategy, supported confidence in the firm's ability to deliver a full‑year performance in line with consensus expectations.
Chief executive Phil Urban said: "Our business has performed with resilience during a quarter characterised by unusual weather patterns. The strength of our diversified portfolio has moderated the impact of external factors and together with the continued success of our investment programme and Ignite initiatives we remain confident in delivering our full-year expectations."
As of 1025 BST, M&B shares were down 5.09% at 261p.
Reporting by Iain Gilbert at Sharecast.com
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