Pub group Mitchells & Butlers said on Wednesday that like-for-like sales had grown in the twelve months ended 24 September, with profits broadly recovering to pre-Covid levels after stripping out utilities impacts.
M&B said full-year like-for-like sales were up 1.1% when measured against 2019’s pre-pandemic levels, while total revenues more than doubled year-on-year to £2.2bn.
Operating profits jumped from £81.0m in 2021 to £124.0m in 2022 and the group swung from a pre-tax loss of £42.0m a year ago to a pre-tax profit of £8.0m in 2022. Earnings per share came to 2.2p, a marked improvement on the prior year’s 11.5p per share loss.
Looking ahead, M&B stated that since the year-end, it had been “encouraged” by like-for-like sales growth of 6.5% but noted that it was still “cautiously optimistic” about the future due to potential implications stemming from the ongoing cost-of-living crisis.
Chief executive Phil Urban 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.”
As of 0820 GMT, Mitchells & Butlers shares were up 8.98% at 154.75p.
Reporting by Iain Gilbert at Sharecast.com
