Mitchells & Butlers boosts market with annual sales and profits growth

Mitchells & Butlers

Mitchells & Butlers this morning posted improved annual sales and profits, with its chief executive insisting the growth is down to the work it has put into the business over the last few years.

Like-for-like revenue increased 3.5% to £2.23 billion, while its operating profit increased from £255m to £297m.

Pre-tax profits rose from £130m to £177m.

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The group, which owns brands such as Harvester, Toby Carvery, All Bar One and Miller & Carter, reduced its capital expenditure by almost £20m to £152m as it opened seven new sites and completed 240 conversions during the period.

Phil Urban, chief executive of M&B, said the company was delighted with the performance following long-term efforts to position it for growth.

“These strong results reflect the work we have done over the last few years, first to build sustained sales growth and then to convert that into profit growth. It has been extremely encouraging to see an improvement in like-for-like sales growth across the portfolio during the year, fuelled by our Ignite programme of work.

“This puts us in a stronger position as we move forward into the next financial year, in what we expect to remain challenging market conditions,” he added.

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Andrew Seymour

The author Andrew Seymour

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