M&B reported 1.8% lfl sales growth (c.20bp below our estimate) in 51 weeks ended 16 September 2017. The drinks business clocked 2.1% revenue growth while the food segment was up 1.4%. Reported revenue surged 2.9% (vs our estimate: +1.1%), largely due to 13 new sites during the period. The company disposed of 79 under-performing pubs (worth £46m) and completed 236 conversions/remodels during the year.
