Profits jump at Mitchells & Butlers
Pre-tax profits soared by £67 million to £150 million for Birmingham-based pubs and restaurants group Mitchells & Butlers in its last financial year boosted by growing food sales.
The group, which includes Harvester and Toby Carvery, saw its total turnover grow by 2.2 per cent to £1.89 billion.
For the year to the end of September like-for-like sales were up 0.4 per cent and the increase since then has been 0.1 per cent.
M&B, which runs more than 1,600 managed pubs, bars and restaurants, opened 16 new sites during the year investing £28m.
It plans to step up its new openings over coming years at the rate of up to 50 upmarket and family pubs a year.
Chief executive Alistair Darby said: "We have worked hard this year to deliver our transformation plan and position Mitchells & Butlers for future growth. We are proud that, through the measures we have taken, we have been able to grow sales and build our margins in a challenging and competitive consumer environment."
It is now the biggest managed restaurant and pubs operating group in the UK and serves around 130 million meals and 410 million drinks a year.
It is currently focused on growing its 210-strong Harvester chain, Toby Carvery, Miller & Carter and All Bar One.
It is also planning to invest in improving its Ember Inns estate over the next two years.
The group is also in the early stages of a project to replace its till, payment, table management and kitchen management systems.