Positive year for M&B, despite trading challenges
Mitchells & Butlers has published its full year results for the 52 weeks ended 24 September 2022.
Managed hospitality group Mitchells & Butlers has published its full year results for the 52 weeks ended 24 September 2022, reporting like-for-like sales growth of 1.1% against FY 2019 (pre-covid).
The group states that, excluding the impact of utilities, profits have broadly recovered to pre-Covid levels. Management also highlight a positive start to the new year, with like-for-like sales growth of 6.5% againse FY 2022 in 10 weeks since the end of the financial year (9.2% growth against 2019).
In terms of total, cross-brand revenue, the group reports earnings of £2,208m (FY 2021 £1,065m). Operating profit amounts to £124m (FY 2021 £81m) while profit before tax comes to £8m (FY 2021 £(42)m loss). Mitchells & Butlers announces adjusted operating profit of £240m (FY 2021 £29m) with net assets increasing to £2,143m (FY 2021 £227m).
Phil Urban, the group's chief executive, comments: "The trading environment remains highly challenging, with cost inflation continuing to put pressure on margins and we are ever mindful of the pressures that the UK consumer is facing. However, we are encouraged by the strength of sales growth at the end of last financial year which has improved further into the early weeks of this year.
"We remain focused on the delivery of our Ignite programme with existing and new initiatives driving cost efficiencies and increased sales, alongside our capital investment programme. Combined with our diverse portfolio of well-known brands, value proposition, strong estate locations and talented people, we are well positioned to face both the challenges and opportunities ahead."
M&B has over 1,700 businesses, including restaurant and pub brands such as All Bar One, Toby Carvery, Harvester and Browns.
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