M&B happy with profit recovery in half-year numbers
Total sales at Mitchells & Butlers for the 28 weeks were just shy of £1.4bn.
Like-for-like sales at one of the UK's largest pub and restaurant operators have increased by 7%, with strong performances across all brands driven by increases in spend per head.
Total sales at Mitchells & Butlers (M&B) for the 28 weeks ended 13 April 2024 were just shy of £1.4bn (£1,396m), a 8.9% growth on its half-year in 2023.
Its operating profit of £164m, the group says, was a marked recovery from last year (£99m).
"Continued like-for-like sales out performance against the market coupled with easing inflationary costs and focus on efficiencies has resulted in very strong profit recovery for the period," says Phil Urban, chief executive of M&B.
"We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving further cost efficiencies and increased sales. We have confidence that continued focus on effective delivery of our strategic priorities will generate further value from our enviable estate portfolio and customer offers, enabling us to build further momentum throughout the year, with a strong foundation for long term out performance."
Hey Pesto
As part of the results, M&B has also announced the purchase of Pesto Restaurants. The brand, M&B says, delivers an Italian tapas offer across its 10-strong estate which, as with its Ego acquisition, helps diversify and premiumise the brand portfolio. The consideration for the Pesto business will be determined over two payments, but will be no more than £15m.
As well as others, M&B operates Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Castle, Nicholson's, O'Neill's and Ember Inns.
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