O'Neill's owner Mitchells & Butlers profits rise to £150m

Pub and restaurant group Mitchells & Butlers profits rose to £150m for the year ended 28 September 2013. The group whose branded bars and restaurants include All Bar One and O'Neill's saw revenue rise 2.2 per cent to £1.2bn with like-for-like sales growth of0.1 per cent in the first eight weeks of the fiscal year 2014.

The company has expanded with 16 new sites across the upmarket social, family and special market spaces and enjoyed a £31m increase in property value resulting from annual revaluation and impairment review.

Commenting on today's results, chief executive, Alistair Derby, said:

We have worked hard this year to deliver our transformation plan and position Mitchells & Butlers for future growth. We are proud that, through the measures we have taken, we have been able to grow sales and build our margins in a challenging and competitive consumer environment