Mitchells & Butlers has seen a 107% rise in its profit before tax in the first half of its financial year to £107m, as analysts suggested it has got "its act together" following the COVID pandemic.

The owner of brands such as Harvester, Miller and Carter and Toby Carvery also saw its operating profit jump by 64% from H1 2023 to £164m, while its revenue increased by 8.9% to £1.4bn in the same period.

The restaurant, bar and pub operator also saw its like-for-like sales increase by 7% in the first half of its current financial year.

Chief executive at Mitchells & Butlers, 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.

"We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving further cost efficiencies and increased sales. We have confidence that continued focus on effective delivery of our strategic priorities will generate further value from our enviable estate portfolio and customer offers, enabling us to build further momentum throughout the year, with a strong foundation for long term outperformance."

In its outlook for the rest of the financial year, Mitchells and Butlers said that it entered the year "having built up strong sales momentum", and that this progress has continued throughout the first half.

LFL sales have continued to improve annually by 5.3% in the four weeks following Easter, remaining ahead of cost inflation.

The group said it remains mindful of uncertainty and pressures on the consumer, but that it has confidence the current year's results will be at the top end of consensus expectations, with momentum for further progress going forward into the 2025 financial year.

Investment director at AJ Bell, Russ Mould, added: "Mitchells & Butlers was a constant disappointment for years pre-pandemic, struggling to compete against the rise of the craft breweries and deluge of casual dining chains with modern offerings.

"With the hospitality industry shaken to its core by COVID, countless operators have now either shrunk their estate or collapsed, creating an opportunity for others to step in and grab market share.

"Mitchells & Butlers finally seems to be getting its act together and for all the criticism that its brands like Harvester and O’Neill’s are tired, they seem to be resonating with the cash-strapped public in the current environment.

"Full-year results are guided to come in at the top end of expectations and the company seems quietly confident that its current run of success has momentum."

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