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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mitchells & Butlers Plc | LSE:MAB | London | Ordinary Share | GB00B1FP6H53 | ORD 8 13/24P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.00 | 0.90% | 225.00 | 225.00 | 226.00 | 225.40 | 222.40 | 222.40 | 50,300 | 10:02:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drinking Places (alcoholic) | 2.5B | -4M | -0.0067 | -334.93 | 1.33B |
TIDMMAB
RNS Number : 3589R
Mitchells & Butlers PLC
21 September 2017
21 September 2017
Mitchells & Butlers plc
Pre-Close Trading Update
Trading statement covering the 51 weeks ended 16 September 2017.
Operating performance
Following a strong sales performance in early summer the market has been more challenging in recent weeks, particularly given poor weather this year up against a sunny period last year which has specifically impacted drink sales. Encouragingly like-for-like sales growth continues to be ahead of the marketa. Total sales have increased by 2.9% in the year-to-date.
Like-for-like trading performance since the last update is set out below.
Like-for-like sales 33 weeks to 10 weeks to 8 weeks to 51 weeks to 13 May 2017 22 July 2017 16 September 2017 16 September 2017 Total 1.9% 2.6% 0.3% 1.8% Food 1.4% 1.3% 1.5% 1.4% Drink 2.4% 3.8% -1.2% 2.1%
As previously advised, margins for the full year will be below last year due to inflationary cost pressures.
Investments
We have opened 13 new sites and completed 236 conversions and remodels in the financial year to date.
Disposals
During the year we have disposed of 79 sites which did not fit into our long-term estate plan, 73 of which were sold as a package which completed in July with the remainder sold individually. The proceeds from disposals total GBP46m which is marginally above the net book value of the properties.
Phil Urban, Chief Executive, commented:
"Whilst the weather in August and September has adversely affected the market we remain encouraged that our like-for-like sales performance continues to outperform the marketa. This performance reflects the progress we have made towards our strategic priorities. We continue to work hard to mitigate the cost headwinds faced by the industry and expect to deliver a full year performance in line with the Board's expectations.
We will enter the new financial year with the momentum of solid sales growth, enhanced clarity on pension contributions and a clear strategy which we believe positions the company well to deliver long term shareholder value."
Note: a As measured by the Coffer Peach Business Tracker
For further information, please contact:
+44 (0)121 498 Tim Jones - Finance Director 6112 Amy de Marsac - Investor +44 (0)121 498 Relations 6514 +44 (0)20 7251 James Murgatroyd (Finsbury) 3801
Notes for editors:
- Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its strong portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's and Ember Inns. In addition, it operates Innkeeper's Lodge hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.
This information is provided by RNS
The company news service from the London Stock Exchange
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September 21, 2017 02:00 ET (06:00 GMT)
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