M&B claims it is “gathering momentum” on back of revenue rise

PUBCO Mitchells & Butlers has seen revenue increase by 4%.

The Birmingham company, reporting its full results for the 52 weeks ended September 27, recorded revenue of £1.97bn and like-for-like sales growth of 0.6%.

But its profit before tax was down from last year’s £142m to £123m.

Capital expenditure increased to £162m (2013: £128m), including 23 new site openings and eight conversions while £258m cash was invested in the acquisition of 173 largely freehold pubs from the Orchid Group in June.

M&B says an operational highlight is its strengthening food volume performance which showed like-for-like growth of 0.9%.

Alistair Darby, M&B’s chief executive, said: “In the last year we have made significant progress, investing in the business for future growth.  We completed the acquisition of Orchid, accelerated remodel and expansionary capex and have made a substantial investment in our systems. 

“At the same time we have maintained our focus on the delivery of our four key priorities.  In the year ahead, we will continue these actions. 
 
“The business is gathering momentum and we have made an encouraging start to the year. We expect to benefit further from these investments during this financial year.”
 

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