Mitchells & Butlers H1 beats forecasts, boosting UK leisure outlook

On 21 May, Mitchells & Butlers delivered H1 results slightly ahead of expectations, with like-for-like sales rising 3.3% and net debt falling to under £750m, supporting a constructive view on UK hospitality names. The update follows Marks & Spencer’s 20 May annual results, where adjusted pre-tax profit dropped 24% to £671.4m yet shares climbed 4% on resilient food sales and a £338m net cash position. Together the reports reinforce cautious optimism for UK 100 benchmarks as cost headwinds ease and recovery execution remains in focus.