Mitchells & Butlers reports improvement in fortunes
Pub group Mitchells and Butlers has reported an improvement in fortunes with increases in like-for-like sales and pre-tax profits.
The 52 weeks ended 29 September 2018 saw like-for-like sales up 1.3% and reported pre-tax profits of £130m up from £77m the previous year, despite a 1.6% fall in the company's adjusted operating profits to £303m.
The pub company said the second wave of its transformation programme had reaped further rewards with like-for-like sales up 2.2% in the seven weeks since the end of the reporting period.
Chief executive Paul Urban said: "Focus on our three priority areas of building a more balanced business; instilling a more commercial culture; and driving an innovation agenda has continued to move the business forward over the financial year.
"The implementation of the second wave of initiatives from our transformation programme has resulted in sustained like-for-like sales growth, continued market out-performance and a return to profit growth in the second half despite Easter moving into the first half.
"We continue to work hard on driving efficiency gains and profitable sales growth through the ongoing roll out of initiatives to mitigate the cost headwinds impacting the industry."
The company achieved £28m of savings in the period.
