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Mitchells and Butlers revenue for 2012 hits £1.9b

27 November 2012 by
Mitchells and Butlers revenue for 2012 hits £1.9b

Casual dining and pub group Mitchells and Butlers saw a 3% increase in revenue to nearly £1.9b for the 53 weeks to 29 September 2012.

Pre-tax profits at the firm, which owns brands including O'Neills, All Bar One and Harvester, climbed to £166m, compared to £156m the year before, although the previous year's accounts contained only 52 weeks. A total of £83m of exceptional items, including a £37m reduction in property valuation, brought the 2012 pre-tax profit after exceptionals down to £83m.

Like-for-like sales over the course of the 53 weeks were up 2.1%, led once again by food sales.

Meanwhile, Mitchells and Butlers opened 47 new sites (mostly Harvester, Miller & Carter, Browns and Toby Carvery) and made 10 conversions during the period, costing £55m.

The company said it expected the economic environment to remain "challenging"with further inflationary and regulatory cost pressures alongside ongoing alcohol duty increases, coupled with continued tightness in consumer incomes.

Alistair Darby, who joined the company as chief executive from Marston's in September 2012, said: "I am delighted to be leading a company with great people and popular branded pubs, bars and restaurants. 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."

Bob Ivell, non-executive chairman, 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.

"Since becoming chairman my foremost priority has been to recruit the right person to lead the business as chief executive. Having appointed Alistair, my focus will now shift to enhancing the balance, skills and compliance of the board through the selection of appropriately qualified independent non-executive directors."

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