Mitchells & Butlers plc (MAB) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.571 -- 00:00:02.555 Right. Good morning, ladies and gentlemen. 00:00:02.555 -- 00:00:07.165 Bang on 8.30, so we'll start. Welcome to the interim results presentation for Mitchells 00:00:07.165 -- 00:00:12.215 and Butlers. Our first half is a tale of two quarters, with quarter one being very 00:00:12.215 -- 00:00:16.885 strong, culminating with a great festive period, followed by quarter two that was impacted 00:00:16.885 -- 00:00:21.412 by poor year-on-year weather and to a lesser extent by the macroeconomic backdrop. 00:00:21.412 -- 00:00:26.621 That's why we're delighted with our first half year results, as despite quarter two, 00:00:26.621 -- 00:00:31.029 softer growth in quarter two, and despite the impact of incremental employers' national 00:00:31.029 -- 00:00:36.078 insurance and the very high cost of stake, we managed to bring profit in just 00:00:36.078 -- 00:00:39.670 slightly ahead of expectations and slightly ahead of last year. 00:00:39.670 -- 00:00:44.596 To us, that demonstrates the power of our Ignite program and the work done on cost mitigation. 00:00:44.596 -- 00:00:48.700 And as we believe the macro issues are temporary, we are maintaining our focus on the 00:00:48.700 -- 00:00:53.666 midterm, where debt service costs significantly reduce, where the business is going to 00:00:53.666 -- 00:00:58.151 be very well placed. I'm delighted to say that we're joined today by Emma Harris, our 00:00:58.151 -- 00:01:04.038 new CFO. But Tim will deliver his final City of French presentation this morning. 00:01:04.038 -- 00:01:08.307 But both he and Emma will be available to meet with you after the presentation. 00:01:08.307 -- 00:01:12.114 So I'll now hand over to Tim, who'll take you through the financial results, and I will 00:01:12.114 -- 00:...