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Investing.com -- British stocks edged higher on Friday as the pound slipped, wider European markets traded in the red, and Mitchells & Butlers shares surged after its results.
As of 0830 GMT, the blue-chip index FTSE 100 rose 0.1% and the British pound fell 0.2% against the dollar to 1.32.
DAX index in Germany fell 0.09%, the CAC 40 in France dropped 0.05%.
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Mitchells & Butlers shares soar as profit beats estimates
Mitchells & Butlers PLC (LON:MAB) shares jumped 7.6% on Friday after the pub operator reported better-than-expected annual profits and solid current trading despite cost pressures facing the hospitality sector.
The owner of All Bar One, Toby Carvery and Harvester chains posted a 5.8% rise in adjusted operating profit to £330 million for the 52 weeks ended September 27, slightly ahead of analyst expectations. Total revenue increased 3.9% to £2.71 billion, with like-for-like sales up 4.3% YoY, outperforming the broader market.
The company reported strong performances across all market segments, with both food and drink like-for-like sales rising 4.0% on broadly flat volumes. Adjusted operating margin improved to 12.2% from 12.0% a year earlier.
UK car production plunges in October due to JLR cyberattack
UK car production fell 23.8% in October compared to the same month last year, with 59,010 vehicles manufactured, according to industry data released Friday.
The sharp decline was mainly due to the ongoing effects of a major cyberattack at Jaguar Land Rover (JLR), the UK’s largest automaker.
The cyberattack, described as "unprecedented" in the industry data, has continued to disrupt JLR operations, significantly affecting overall national production figures.
BoE’s Greene says U.K. energy bill cut will only have temporary impact on inflation
In other economic news, Bank of England policymaker Megan Greene said the energy bill reduction announced in the UK budget is expected to have only a temporary effect on inflation.
"The budget should have some inflationary implications, though it’s kind of a one-off so there is an argument for looking through it," Greene said at a conference in London hosted by financial-services firm Goodbody.
Greene expressed doubt about the policy’s ability to influence longer-term inflation expectations, stating: "If it affects inflation expectations, if it brings them down that would be great. I’m not convinced it will do that."
U.K. home sales fall as buyers pause ahead of budget, Zoopla says
Meanwhile, UK home sales fell 4% over the four weeks ended November 23 as buyers stayed away due to fears of higher property taxes in the upcoming budget, according to real estate agency Zoopla.
Buyer demand dropped 12% compared to the same period last year, the agency reported on Friday.
Average house prices across the UK rose 1.3% year-on-year to £270,200 ($357,772). Prices in London and the South declined for the first time in 18 months, which Zoopla attributed to budget uncertainty and an increased number of homes for sale, giving buyers more options.