Mitchells & Butlers has released a better than expected interim management statement reporting 2% like for like sales growth for the 17 weeks to 25 January. This implies 3.7% in the last nine weeks compared to our forecast of around 2%. Ten new pubs have been opened and the group's investment in new pub systems has reached around 400. However at this early stage in the year we expect no change to consensus forecasts of £320m earnings before interest and tax; our slightly below consensus forecast of £314m remains unchanged.