M&B blame the fall on rising cost pressures, a refrain Tim Martin has made recently. But one wonders whether the company is being managed as well as it might be, given the boardroom tensions ongoing while a new CEO and non-Exec's are found. Operating margin in the core estate is down from 14.9% to 14.2% due to cost increases in energy, food, duties, wages etc.
In H1, M&B has managed 35 new site openings and 7 conversions, with expansionary capex of £42 million. It has opened its 200th Harvester, a major milestone for the brand.
Bob Ivell, Executive Chairman, commented:
"Despite challenging trading conditions, we remain confident that we can deliver a full year result in line with expectations."
Shares in M&B closed last night at 246p which values the business at £1.007 billion.