Mitchells & Butlers ‘gathers momentum' with sales up 4% in 2014
Restaurant and bar firm Mitchells & Butlers has reported a 4% increase in total revenue to £1,970m for the 52 weeks to 27 September 2014.
Like-for-like growth at the company, which operates a number of national chains including Harvester, All Bar One, Browns, and Toby Carvery, was more marginal at 0.6%.
However that figure excludes the 173 pubs acquired from Orchid Group in June in a deal worth £266m.
Operating profit before exceptionals was up by 1% to £313m but pre-tax profit fell to £123m, down 13.4% from the £142m reported for 2013.
Alistair Darby, chief executive, commented: "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."