Shares soar 10% in JP McManus-owned pubs group M&B

Part-owned by Irish investors JP McManus and John Magnier, Mitchells & Butlers posted a 64% increase in operating profit

The M&B group — part-owned by Irish investors JP McManus and John Magnier — owns around 1,600 outlets under the All Bar One, Browns, Ember Inns, Harvester, Miller & Carter, Nicholson’s, Sizzling Pubs, Toby Carvery, and Vintage Inns brands. 

Shares in Mitchells & Butlers (M&B) — part-owned by Irish investors JP McManus and John Magnier — soared 10% after the British bars and restaurants group posted a 64% increase in operating profit and forecast a healthy outcome for the rest of the financial year.

M&B, one of Britain’s largest owners of bars and restaurants, owns around 1,600 outlets — including the All Bar One, Browns, Ember Inns, Harvester, Miller & Carter, Nicholson’s, Sizzling Pubs, Toby Carvery, and Vintage Inns names.

Mr McManus and Mr Magnier own a minority stake in the London-listed company but had stuck by the investment by buying shares in the group during difficulties hospitality firms faced during the pandemic years.

Operating profit climbed to £164m (€193m) in the six months to mid-April, compared with £99m a year earlier. Total revenue rose to almost £1.4bn from £1.3bn.

CEO Phil Urban said: “Continued like-for-like sales outperformance against the market coupled with easing inflationary costs and focus on efficiencies has resulted in very strong profit recovery for the period.”

The company said profits for the full year will likely be “at the top end” of market forecasts, and predicted “momentum” for the 2025 financial year.