The business that operates brands including All Bar One, Nicholson’s, Sizzling Pubs and Toby Carvery also reported adjusted revenue at £1.490bn (H1 2025: £1.454bn) and adjusted profit before tax at £139m (H1 2025: £134m) in the 28 weeks ended 11 April 2026.
Meanwhile, adjusted operating profit was £181m (H1 2025: £181m) and net debt has been reduced to £747m (H1 2025: £860m).
On current trade and the future, M&B said despite significant cost inflation, due primarily to labour costs and food inflation, its “disciplined” cost control combined with delivery of Ignite efficiencies has resulted in a stable operating profit.
Cost headwinds forecast
Like-for-like (lfl) sales grew by 3.0% in the 30 weeks to 25 April, including Easter in both years, driven by a very strong first quarter and in the most recent three weeks, like-for-like sales growth of 1.1% was broadly consistent with the second quarter reflecting a strong prior year comparative, which benefited from favourable weather alongside some indications of macroeconomic pressures and, more recently, disruption from tube strikes in London.
Cost headwinds for the current financial year are anticipated to be c£120m before mitigation, which is slightly lower than previously guided, representing c5.5% of its cost base. This will be about 60% weighted to the first half due principally to the increased rate of employers’ national insurance contributions, which was effective from April 2025, annualising at the half year. Energy costs have now been fully secured for the current financial year.
M&B added it expects cost headwinds, before mitigation, for the 2027 financial year to normalise at a lower level of around £95m, representing c4% of its cost base and currently has 15% of energy costs secured for FY27.
Enviable estate
“Looking forward, with a strong balance sheet, an enviable estate of well-positioned sites backed by a diversified portfolio of brands and offers, we face the future with confidence that we will continue to be successful in our market and generate further value,” the group said.
M&B CEO Phil Urban added: “We have delivered another robust performance over the first half reflecting continued focus on enhancing guest appeal across our diverse portfolio of brands, driving sales growth through compelling customer offers and disciplined execution.
“Maintaining profits despite the significant inflationary cost challenges facing the sector is testament to the dedication of our teams in delivering the benefits of our Ignite and capital programmes.
“Despite the backdrop of macro uncertainty our priorities remain unchanged, our guest scores are at record highs, we remain committed to the delivery of quality experiences, and we are well placed to further grow market share.”
