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MAB Mitchells & Butlers Plc

225.00
2.00 (0.90%)
Last Updated: 10:02:01
Delayed by 15 minutes
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

Mitchells & Butlers PLC Pre-Close Trading Update (3589R)

21/09/2017 7:00am

UK Regulatory


Mitchells & Butlers (LSE:MAB)
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From Mar 2019 to Mar 2024

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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

END

TSTSEFFWSFWSEIU

(END) Dow Jones Newswires

September 21, 2017 02:00 ET (06:00 GMT)

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