McDonald's UK profits nearly doubled in 2024 as the fast food giant continues to have a "broader focus on value".
According to a recently filed Companies House report for the year to 31 December 2024, McDonald’s UK posted pre-tax profit of £120m, up from £66.3m in 2023. However, this was down from the £170.8m reported in 2022.
While the chain acknowledged the “challenging retail footfall” that continues to affect its high street estate, a statement signed off by the board added that it continued to “mitigate the risk through investment in customer experience” across its high street stores, drive-thrus and home delivery platform.
"We are constantly adapting to the evolving competitive market and we continue to have a broader focus on value," McDonald’s said.
Last summer, McDonald’s announced a push on promotions to respond to a decline in customer traffic and win back “savvy customers”. This included continuing initiatives such as its three items for £3 campaign in the UK, as well as improving Happy Meal options across international markets.
Despite the positive sales rise in 2024, turnover at the fast food chain fell by 14% over the year to £1.8m. McDonald's also slashed the number of jobs by more than 2,000, to 23,825 employees by the end of the trading period.
Looking ahead, the food chain said: "The level of business and the period end financial position remain satisfactory in spite of the ongoing challenges presented by the inflationary environment, both for the company and the wider McDonald’s system and the directors are confident of being able to develop the business further in the future.”
It comes as competition in the food-to-go sector continues to ramp up. Earlier this year, KFC unveiled plans to invest almost £1.5bn in the UK and Ireland over the next five years in a bid to expand its presence and upgrade existing sites.
In June, fried chicken chain Popeyes also secured new finance facilities totalling £43m to support the continued rollout of its growth plans across the UK. It plans to open 45 new restaurants this year and expects to create around 2,500 jobs.
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