Pub giant Mitchells & Butlers has reported financial results for the 52 weeks ended 24 September 2016, showing a return to like-for-like sales growth. The firm is also set to launch a new fast-casual chicken and duck concept, Chicken Society in Finchley, north London, next month.
For the period, the company saw a total revenue of £2,086m (FY 2015 £2,101m). Full year like-for-like sales were down 0.8% and for the recent eight weeks, they were up by 0.5%.
Operating profit stood at £231m (FY 2015 £270m), and profit before tax: £94m (FY 2015 £126m). Adjusted operating profit stood at £318mb (FY 2015 £328m).
Phil Urban, Chief Executive (pictured), commented, 'During the year we have made good progress in our three priority areas: building a more balanced business; instilling a more commercial culture; and driving an innovation agenda.
'This focus is starting to have a positive effect on our sales, with improved performance against a subdued market in recent months through continuation of the momentum we saw start in the second half of last year.
'Sales growth in the first eight weeks was impacted by the Rugby World Cup in the prior year, but I'm encouraged by the underlying momentum which has seen recent weeks return to the levels seen in the summer.'
Urban concluded, 'In the next year, as previously announced, we face external cost headwinds, notably from further wage inflation, the recent business rates review and exchange rate movements. We are working hard to mitigate these headwinds wherever possible, both through building on our sales momentum and active management of our cost base.'