Toby Carvery owner celebrates results after hot weather brings in bumper customers
The owner of Toby Carvery and All Bar One now anticipates its sales will reach the "top end" of industry forecasts.
Phil Urban, chief executive of the group, affirmed it is performing "strongly" despite increased cost pressures stemming from recent rises in national insurance contributions and the national minimum wage.
M&B, which also runs Harvester and Miller & Carter venues, saw like-for-like sales grow by 5 per cent over the quarter to 19 July, with momentum accelerating further.
The company highlighted that "sales growth has remained well ahead of the market through the third quarter, benefiting from Easter and recent sunny weather."
Food sales climbed by 4.9 per cent, while drink sales saw a 4.8 per cent increase for the quarter.
Bosses said they were encouraged by the performance 'despite well-publicised cost inflation challenges facing the sector'.
As a result, M&B said it is confident this will lead to annual results 'at the top end of consensus expectations'.
The hospitality group said it has converted and remodelled 150 venues so far this year and opened two new sites.
Mr Urban said: 'The business continues to perform strongly, enabling us to meet the cost challenges facing the sector with confidence.
'We will remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increasing sales.
'With the unique strengths of our business, including a diverse portfolio of established brands, value proposition and enviable estate locations, we believe we are positioned to continue to grow profitability and market share.'
Shares in the business were, however, 0.5 per cent lower in early trading.
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