Pub giant cheered by big jump in profits
Pub and restaurant group Mitchells & Butlers has been cheered by a big jump in profits and expects strong trading to continue.
A summer of major sporting events, with the Olympics and football’s European Championships, are expected to boost pub groups in the months ahead and Mitchells & Butlers is now forecasting its full-year figures will be “at the top end” of expectations.
Miller and Carter food (Credit: Mitchells & Butler)
The FTSE 250 group operates 14 brands including Harvester, Toby Carvery, All Bar One, and Miller & Carter. The Birmingham-headquartered group has around 50,000 employees across 1,800 pubs, bars and restaurants.
Like-for-like sales in the first half of the year were up 7% as revenues rose to £1.4bn. Operating profits jumped 64% to £164m as its operating margin grew from 7.8% to 11.7%.
Mitchells & Butlers chief executive Phil Urban is looking ahead to being able “to build further momentum throughout the year”.
He said: “Continued like-for-like sales outperformance against the market coupled with easing inflationary costs and focus on efficiencies has resulted in very strong profit recovery for the period.
“We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving further cost efficiencies and increased sales.”
