Mitchells & Butlers Stock News

Mitchells & Butlers PLC (LSE:MAB) returned to like-for-like sales growth in the fourth quarter as stronger drink sales helped offset a more challenging trading backdrop earlier in the year. Like-for-like sales increased 1.4% in the nine weeks to 19 September, taking growth for the first 51 weeks of the financial year to 2.1%.

Listed pub groups including Mitchells & Butlers PLC (LSE:MAB) and JD Wetherspoon PLC (LSE:JDW) could see a mid-single-digit boost to profit from the government's 20% business rates cut, according to City analysts. Downing Street said the measure will save the average pub around £1,100 next year and benefit nearly 32,000 pubs, clubs and live music venues in England.

Shares in pub company Mitchells & Butlers PLC (LSE:MAB) fell 4.7% to 262p after it reported flat third-quarter sales as the heatwave hit demand at its food-led pubs, offsetting stronger trading across drink-focused venues. Like-for-like sales for the Toby Carvery, Miller & Carter and All Bar One owner grew 2.2% over the first 42 weeks of its financial year.

Shore Capital has reiterated its 'buy' recommendation on Mitchells & Butlers PLC (LSE:MAB), the FTSE 250 pub and restaurant operator, with a 350p price target, implying upside of 47% from the current share price of 239p. The broker argues the shares, down more than 25% since the outbreak of the Iran conflict, have sold off well beyond what the underlying fundamentals warrant, with the stock now...