The UK pub group Mitchells & Butlers has seen its full year net profit fall 41%, as it suffers the consequences of its separation from Six Continents.
Net profit reached £125m, on the back of a sales rise of 2.2% to £1.5 billion.
The company also suffered from rising costs – including a one-off hit from its failed attempt to buy S&N’s pub division and costs from its Six Continents seperation – and weakness on the high street. However, the company believes that the outlook is improving.
The company said that the new financial year had started well, with an improvement in sales seen in the second half continuing in the eight weeks to November 22.
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