M & B announces profits up

Pub Company Mitchells & Butlers have today announced an increase in profits:

• Total sales up 4.9% including food sales up 7.8%
• Operating profit up 1.1% and operating margin at 16.3%
• EBITDA returns of 21% achieved on expansionary capex invested over the last two years
• Net debt reduced by over £400m; net debt:EBITDA now at 4.7 times
• Like-for-like sales in FY 2011 of +2.6% with food like-for-like sales of +4.8%
• Like-for-like sales growth of 2.0% in first 8 weeks of FY 2

M & B run a diverse collection of pubs, mainly left over from the former Bass Empire:

• Sizzling Pubs
• Vintage Inns
• Harvester
• Ember
• Toby Carvery
• Crown Carveries
• Metro Professionals
• Nicholson's
• Premium Country Dining Group

• O'Neill's
• Alex
• All Bar One
• Village Pub & Kitchen
• Miller & Carter
• Browns
• Innkeeper's Lodge

They don't tend to brand themselves as M & B but as one of their 'flavours' above.