M&B sees better annual results in second half of year

Major operator of managed restaurants and pubs, Mitchells & Butlers (M&B) has released financial results for the year, 52 weeks ending 29 September 2018, showing like-for-like sales rise of 1.3% and up 2.2% in the recent 7 weeks.

Adjusted operating profit stood at of £303m, down 1.6% on a 52-week basis, and adjusted operating profit grew in the second half by £3m.

Total revenue came to £2,152m (2017: £2,180m), with operating profit of £255m (2017: £208m), and profit before tax of £130m (2017: £77m).

Phil Urban, Chief Executive, said, 'Focus on our three priority areas of building a more balanced business; instilling a more commercial culture; and driving an innovation agenda has continued to move the business forward over the financial year.

'The implementation of the second wave of initiatives from our transformation programme has resulted in sustained like-for-like sales growth, continued market out-performance and a return to profit growth in the second half despite Easter moving into the first half.

'We continue to work hard on driving efficiency gains and profitable sales growth through the ongoing roll out of initiatives to mitigate the cost headwinds impacting the industry.'

Mitchells & Butlers' portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's and Ember Inns. In addition, it operates Innkeeper's Lodge hotels in the UK and Alex restaurants and bars in Germany.