All Bar One owner Mitchells & Butlers sees sales flattened by heatwave

Mitchells & Butlers PLC ( LSE:MAB ) View Price & Profile All Bar One owner Mitchells & Butlers sees sales flattened by heatwave Published: 08:23 23 Jul 2026 BST 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. Total sales increased 1.3%. Food sales fell 2.4% during the third quarter as several extended periods of hot weather weighed on brands including Toby Carvery and Miller & Carter. Drink sales rose 2.6%, helped by World Cup football on some days. Trading also faced strong comparisons with the previous year and a 0.8 percentage point hit from an earlier Easter this year.

M&B said it is speeding up its investment programme, completing 181 conversions and remodels so far in 2026, as well as acquiring 10 new sites, including two leasehold sites in Germany. The company continues to expect around £120 million of cost inflation for the full year but said investment and an efficiency programme should allow it to meet market expectations. Chief executive Phil Urban said the diversified portfolio had "moderated the impact of external factors".