TOTAL company sales at Birmingham-based pubco Mitchells and Butlers were down 9.3%, according to its latest update to the City today.
M&B said this figure, for the 42 weeks up to July 16, 2011, excluded the dilution of major disposals made in the past 12 months.
Food sales have progressed steadily with a rise of 5.5% in H1 2011 and 5.8% for the interim management statement period to July 16.
Drink sales were up 1.8% and 1.2% for the same period respectively. The statement added: “Cash flow from operations remains strong. We are on track to invest approximately £75m into expansionary capital projects during the current year with returns of approximately 20%.
“There has been no material change to our financial position since our half year results announcement, with net debt of approximately £1.9bn.
“Economic pressures continue and consumer expenditure in our market has weakened in the last couple of months with the short term outlook remaining uncertain.
“Despite these near term challenges, our long term focus remains on strengthening the business, lowering costs, driving sustainable revenue and improving customer experience as we better utilise our well placed sites and brands.”
