Sales improve for M&B

The Birmingham-based pubs and restaurants group, which includes Harvester, Toby Carvery, All Bar One and Miller and Carter, said sales remained ahead of the market in its third quarter

For the 42 weeks to July 20 food sales have grown six per cent and drink by 5.3 per cent.

It has completed 139 conversions and remodels and opened six new sites in addition to the continued rollout of a number of initiatives to reduce energy usage, such as solar panels and sensors.

M&B anticipates net cost headwinds in the region of £55 million this financial year with increases in labour costs due to the statutory National Living Wage rise mitigated in part by deflation in energy costs and slowing food cost inflation.

Chief executive Phil Urban said: "We are pleased with the continued strong trading performance, which has remained ahead of the market through the year. As inflationary pressures have eased the level of price increase we have taken has reduced, leading to headline sales growth in line with more normalised levels as expected during the second half. The combination of easing inflationary costs and continued sales growth will ultimately benefit our profit levels for the year."