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Mitchells & Butlers wants food sales to pave way for long-term growth

Published:  27 November, 2012

Restaurant and pub operator Mitchells & Butlers says it is positioning itself for long-term growth as its latest results show sales up 3.3%, with food sales leading the way.

The 1,600-strong operator, which owns the All Bar One brand, has seen its revenues increase to £1,889 million, up 3.3% on last year, with like-for-like sales growing by 2.1% for the 53 weeks to September 29.

The group's EBITDA stands at £395 million, compared to last year's £387 million.

Bob Ivell, non-executive chairman, said: "This year we have initiated a significant cultural change programme focused on streamlining internal processes and placing the guest at the heart of everything we do.

"We have restructured the way we support our operations teams, reduced our central costs and increased the accountability of our senior executives for their brands. I am extremely pleased that we have delivered a resilient financial performance, during a period of such cultural and organisational change."

The first eight weeks of trading in the 2013 financial year have seen sales remain broadly flat.

The group opened 47 new sites and converted 10 venues last year, spending £55 million.

Incoming chief executive Alistair Darby, said: "M&B is well positioned to take maximum advantage of our evolving industry and we have the right strategy in place. I look forward to continuing the business transformation to deliver long term earnings growth and shareholder returns."

M&B brands include All Bar One, Browns, Village Pub & Kitchen and Harvester.

The group serves around 130 million meals and 420 million drinks each year.