Flat sales of late for M&B but 12 month performance “resilient”
BIRMINGHAM-based pub company Mitchells & Butlers has reported turnover and sales growth in its full year results.
The firm – the UK’s largest operator of managed restaurants and pubs whose portfolio of brands includes Harvester and Toby Carvery – saw total revenue increase by 3.3% to £1,889m for the 53 week period ending September 29.
Like-for-like sales growth was up by 2.1%.
But M&B said sales had been broadly flat in the first 13 weeks of financial year 2013.
The firm reports that it had net debts of £1.8bn at the end of the financial year.
M&B is undergoing a business transformation programme which it suggests is starting to bear fruit.
Non-executive chairman Bob Ivell said: “This year we have initiated a significant cultural change programme focused on streamlining internal processes and placing the guest at the heart of everything we do.
“We have restructured the way we support our operations teams, reduced our central costs and increased the accountability of our senior executives for their brands. I am extremely pleased that we have delivered a resilient financial performance, during a period of such cultural and organisational change.”
Newly appointed chief executive Alistair Darby added: “M&B is well positioned to take maximum advantage of our evolving industry and we have the right strategy in place.
“I look forward to continuing the business transformation to deliver long term earnings growth and shareholder returns.”
