The operator of over 1,700 restaurants, pubs and bars, Mitchells & Butlers (M&B) has reported its financial results for the 52 weeks ended 28 September 2019, showing strong adjusted profit before tax growth of 10.7%.
Total revenue stood at £2,237m (FY 2018 £2,152m), operating profit was £297m (FY 2018 £255m), and profit before tax was £177m (FY 2018 £130m).
For the period, the company's like-for-like sales grew by 3.5%, and adjusted operating profit rose to £14m to £317m (FY 2018 £303m).
It was a strong performance across the brand portfolio, driven by sales initiatives. Efficiencies resulted in an increased operating margin of 14.2% (FY 2018 14.1%).
Phil Urban, Chief Executive, commented, '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.'
