Mitchells & Butlers has reported a strong performance for the 52 weeks to 28th September, with like-for-like sales growth of 5.3% and operating profit up 41.2% to £312m.
A strong period of cash generation drove a £197m reduction in net debt, including leases. Nearly 200 investment projects were completed in the year, yielding strong returns.
There has been a strong start to the new financial year, with like-for-like sales of 4% in the first seven weeks.
“We are delighted by the very strong performance during the year,” said chief executive, Phil Urban. “Like-for-like sales continued to outperform the market, which, coupled with easing inflationary costs and focus on efficiencies, has resulted in very strong profit recovery.
“We face increased inflationary cost headwinds in the year ahead. However, we shall remain focused on our established Ignite programme of initiatives and our successful capital investment programme, to drive further cost efficiencies and increased sales.
“Coupled with our market-leading estate and customer offers, we are confident that this will enable us to further grow market share and secure continued long-term outperformance.”
