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Sun shines on M&B
A trading update issued by pub operator, Mitchells & Butlers, reports an improvement in like for like sales driven by the success of the group’s sales and marketing activity – which focused on extending its drinks and menu range – and good weather.
Like for like sales at those of its outlets having benefited from recent investment were up 2 per cent in the 19 weeks to 10 May, whilst those not having so benefited saw like for like sales down 0.1 per cent.
The company also reports further gains in productivity, the realisation of planned overhead reductions and having made good progress with selected property disposals.
Trading conditions in the High Street and central London continue to be difficult, although some recovery has been seen.
The group also confirmed that it is on track to return at least £400m of surplus funds to shareholders, this by way of a special dividend accompanied by a reduction in the number of shares in issue.
M&B was previously in the running to buy the Scottish & Newcastle pub chain but dropped out of the auction at the beginning of September. Details: www.mitchellsandbutlers.co.uk
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