M&B has announced a stronger-than-expected end to FY21/22 with adjusted EBIT and EPS some 7.5% and 19% ahead of the street’s expectations. The UK based publican has also clocked a strong start to the new financial year (+9.2% as compared to the corresponding pre-pandemic period). We continue to expect the group’s volume and profit margins to be under pressure over the near-term. Positive stance reiterated on the stock.