M&B profits hit £240m in FY22
The group’s profits have ‘broadly’ recovered to pre-pandemic levels, as like-for-like sales grew 1.1% for the financial year compared to FY19
The operator of managed restaurants and pubs, Mitchells and Butlers, has achieved an adjusted operating profit of £240m for the 52 weeks ending 24 September 2022, compared to only £29m the previous financial year.
M&B reports that its profits have “broadly” recovered to pre-pandemic levels, excluding the impact of energy prices, as the group’s like-for-like sales also experiences a 1.1% of growth for FY22 compared to FY19.
The group also hit a total revenue of £2.2bn compared to £1bn in the previous financial year.
In addition, the operator saw a gain of £8m in its profit before tax, compared to its previous loss of £42m in the 2021 financial year.
Phil Urban, chief executive of Mitchells and Butlers, said: “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.”
He added: “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, we are well positioned to face both the challenges and opportunities ahead.”