Shares in the UK pub and restaurant group co-owned by Irish financiers JP McManus and John Magnier surged by almost 11% as it shrugged off Brexit-related pressures with a 9% jump in first half profits.

Pub group Mitchells & Butlers yesterday said it had replaced its CEO Alistair Darby with insider Phil Urban as it warned weak trading would push full-year profit to the bottom end of forecasts.