And the operator of around 1,500 pubs said it had seen "encouraging" levels of Christmas bookings, with the venues anticipating the first Christmas in three years without Covid-19 restrictions.
It was also hopeful about the benefits of an atypical winter
Sales over the last eight weeks have been elevated almost seven per cent on a like-for-like basis, the
In results for the year to the end of September , the community pub operator posted a total profit before tax of £163.4 m, versus a loss of £171.1m the year prior.
Full year sales hit 99 per cent of 2019 levels, including a period of disrupted Christmas trading amid the Omicron Covid-19 outbreak at the end of 2021.
The company is aiming to return sales back to £1bn and slash its group debt by 2026, with bosses adding yesterday that they remained "confident" about these goals being able to drive value for shareholders.
The pub company had introduced a "simplification of menus" in order to boost visitor satisfaction, while delivering "enhanced operational and purchasing efficiencies," the firm said yesterday.
"Having been locked up for two to three years, we are even more social animals," Andrea said earlier this year.
"In times of economic challenge, people look for flight to value" he told City A.M. Pubs were well placed to take up market share from restaurants as consumers pursue cheaper nights out, the pub boss said.
It comes as pub and restaurant businesses have been grappling with a cocktail of costs this winter, with bills from labour to energy to food rising.
Consumers have also started to tighten their belts due to a cost of living crunch, leaving businesses in a situation where they are unable to fully pass on the cost of inflation to customers.
(c) 2022 City A.M., source