Pub chain Mitchells & Butlers has posted a rise in half-year sales and stable profit.
The Birmingham-based company, which operates well known chains such as Toby Carvery, O'Neills and Harvester, recorded turnover of just over £1 billion (2013: £991 million) and pre-tax profit of £68 million (2013: unchanged) for the six months to April 12, 2014.
In a statement to the stock exchange today, it also said it had reached an agreement with trustees on its 2013 pensions valuation.
It has finalised a new schedule of contributions under a 10-year recovery plan following completion of last year's valuation which showed a funding deficit of £572 million.
As a result, the group has agreed to increase contributions by £5 million to £45m per annum for three years, effective from April 1, 2013.
The company also has net debt of £1.7 billion which it said represented 4.1 times annualised earnings before interest, taxes, depreciation, and amortization (EBITDA).
Earlier this year, M&B announced it planned to take on 1,000 apprentices over the next two years in a bid to recruit and retain the next generation of pub staff and managers.
Chief executive Alistair Darby said: "We are pleased with our trading performance in this first half, particularly the turnaround in volumes, alongside which we have made good progress against our key priorities, and continued to position Mitchells & Butlers for sustainable long-term future growth.
"Successful resolution of the recent triennial pensions valuation, which we are announcing today, provides greater visibility and certainty over future funding and cash flow, at an affordable level.
"Our business transformation is gaining momentum. Through our clearly laid-out strategy, we are well-placed to take advantage of the economic recovery across the UK."
