Pub and restaurant chain Mitchells & Butlers was among the biggest risers in the FTSE 250 index after it more than doubled profits.
The owner of Toby Carvery and All Bar One said profits jumped from £40million to £108million in the first half to April 13, while revenues rose 8.9 per cent to £1.4billion.
The firm, which is also behind Miller & Carter, Browns, and Stonehouse, said trading had been strong since Easter.
Costs are lower than expected as the rise in the national living wage has been offset by lower energy prices and falling food inflation.
It expects performance for the year to be at the top end of market forecasts, and surged 10 per cent, or 26.5p, to 292.5p – taking gains for the year to 15 per cent.
Falling costs: Mitchells & Butlers, which owns Toby Carvery and All Bar One, said profits jumped from £40m to £108m in the first half to April 13, while revenues rose 8.9% to £1.4bn
As hopes fade over interest rate cuts this summer, the FTSE 100 fell by 0.6 per cent, or 46.12 points, to 8370.33 and the FTSE 250 was down by 0.4 per cent, or 73.39 points, to 20,710.07.
Integrafin reported that funds on its investment platform Transact rose 13 per cent to a record £61billion in the first half to March 31.
Group revenues increased 6 per cent to £70.4million, while profit surged 16 per cent to £32.4million. Shares soared 11.1 per cent, or 34.5p, to 346.5p.
British Land expects its rent to go up between 3 per cent and 5 per cent in the year ahead following a 5.9 per cent rise in the year to the end of March –just days after it sold its 50 per cent stake in Sheffield’s Meadowhall shopping centre for £360million.
It added 2.1 per cent, or 8.4p, to 403.2p.
Close Brothers said that it could pay out millions in compensation as its motor finance division is being probed.
Stock Watch – Alpha Financial Markets Consulting
One of the two private equity bidders hoping to buy Alpha Financial Markets Consulting has walked away.
Cinven, which said this month it was considering a bid for the AIM-listed firm, no longer intends to make an offer.
Bridgepoint, the other bidder, must announce whether it wants to make a formal proposal or walk away by next week.
Shares, which listed at 160p in October 2017, fell 4.7 per cent, or 20p, to 405p.
The merchant bank said the Financial Conduct Authority’s review of ‘borrowers in financial difficulty’ is likely to result in it paying up to £9million compensation.
It expects to pay another £10million linked to a separate probe into the potential mis-selling of car loans, and fell 6.7 per cent, or 32.8p, to 458.2p.
ITV is to invest up to £4.5million in Purplebricks by taking a small stake in the online estate agent, which was bought by rival Strike for £1 last year, and helping it launch a TV ad campaign. ITV dipped 1.9 per cent, or 1.45p, to 77.1p.
BT – up 0.9 per cent, or 1.15p, to 129.15p – has been fined £2.8million for failing EE and Plusnet customers.
The telecoms giant broke consumer protection rules after it made more than 1.3m sales since June 2022 without giving customers necessary information prior to signing contracts, said Ofcom.
Thread maker Coats’ revenues rose 7 per cent in the four months to April 30, driven by a 14 per cent surge in sales in its apparel division. It rose 1.5 per cent, or 1.3p to 87.6p.
4imprint, which makes promotional products, said sales rose 6 per cent in the first four months of 2024, and that David Seekings is to step down as finance boss before the end of 2025. Shares sank 2.5 per cent, or 150p, to 6040p.
Marlowe, which helps businesses to comply with legal regulations, is to return more proceeds from a software and services assets sale than it forecast – £225million, up from £150million.
Shares gained 9 per cent, or 48p, to 582p.
Read More: World News | Entertainment News | Celeb News
Mail Online
