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| All Bar One owner Mitchells & Butlers sees profit fall | |
| (about 5 hours later) | |
| Mitchells & Butlers (M&B), the pubs and restaurants group, has reported a drop in profit for the year despite a rise in sales after almost doubling its investment in the business. | |
| M&B, whose chains include Harvester and All Bar One, said pre-tax profit fell 13.4% to £123m in the year to the end of September, despite sales rising 4%. | M&B, whose chains include Harvester and All Bar One, said pre-tax profit fell 13.4% to £123m in the year to the end of September, despite sales rising 4%. |
| It spent £162m on the business, up from £88m the year before on upgrading its chains and new site openings. | It spent £162m on the business, up from £88m the year before on upgrading its chains and new site openings. |
| We're "gathering momentum," M&B said. | We're "gathering momentum," M&B said. |
| "We have made significant progress, investing in the business for future growth...we expect to benefit further from these investments during this financial year" said M&B boss Alistair Darby. | "We have made significant progress, investing in the business for future growth...we expect to benefit further from these investments during this financial year" said M&B boss Alistair Darby. |
| It said despite the increase in UK consumer confidence, the "careful spending behaviour" developed during the recession had now become " the norm". | It said despite the increase in UK consumer confidence, the "careful spending behaviour" developed during the recession had now become " the norm". |
| M&B said its strategy was to focus on food, which already accounts for three quarters of its sales, and said it saw a "significant opportunity" from all-day trading, offering breakfast as well as lunch and dinner. | M&B said its strategy was to focus on food, which already accounts for three quarters of its sales, and said it saw a "significant opportunity" from all-day trading, offering breakfast as well as lunch and dinner. |
| The firm, which owns around 1,700 outlets in total, also spent £266m in June to acquire 173 pubs from rival Orchid in June which it said was "a significant step to grow our business". | The firm, which owns around 1,700 outlets in total, also spent £266m in June to acquire 173 pubs from rival Orchid in June which it said was "a significant step to grow our business". |
| It plans to convert the majority of these pubs into its own brands. | It plans to convert the majority of these pubs into its own brands. |
| M&B said despite a "challenging year", it remain confident for the year ahead. | M&B said despite a "challenging year", it remain confident for the year ahead. |
| Shares ticked up 0.8% after the announcement. | Shares ticked up 0.8% after the announcement. |