M&B sees benefits of restructuring cost savings
Mitchells & Butlers said its restructuring cost savings had been delivered in full as it announced its results for the 28 weeks to April 13 this morning.
Revenue rose 2% to £991m over the period, with like-for-like sales growth of 0.3%. The adjusted operating profit was £145m, up 5%.
“These results demonstrate the progress we are making through our business change programme,” said chief executive Alistair Darby.
“We are growing sales and profit in a tough market by building on the firm foundations of our excellent estate, strong brands, dedicated people and substantial scale.
“Having now delivered our restructuring cost savings in full, we have identified specific market segments where we can grow successfully and we have outlined clear operational priorities. By focusing on these areas, I believe that we will provide great experiences for our guests and sustainable returns for our shareholders.”