Mitchells & Butlers Share Discussion Threads

[netcurtains] 17/5/2023 09:24

So looking good but not giving hand away too much....
suns out.
Should be a good summer.

[darrin1471] 17/5/2023 08:51

Having noticed a "sleight of hand" in the last trading update as per post 863 regarding sales vs pre covid.
Today they are again being less than open.
M&B spin growth in revenue and volume giving percentages throughout their H1 update, then slip in "volumes remain below pre-Covid levels" without any numbers to quantify.

[netcurtains] 10/5/2023 15:56

It is currently quite sunny down here.

[netcurtains] 09/5/2023 15:49

Would this business be a target for a takeover?
Perhaps a German hotel chain?

[netcurtains] 20/4/2023 08:13

I disagree. Pubs rapidly fill in the hot weather. especially pubs in the countryside with gardens.
The beer/pub business is closely linked to weather patterns.
The UK is experiencing rapid changes in climate change. We are becoming a much hotter country. Quite rapidly.

[trader465] 18/4/2023 11:05

Climate change is irrelevant, it takes decades.

[netcurtains] 17/4/2023 15:45

Pubs do well in sunny weather.
The climate change trend is probably good for pub chains.

[netcurtains] 04/4/2023 08:33

The sunny weather is helping....

[netcurtains] 30/3/2023 14:55

. Wetherspoons still pilling it on.

[netcurtains] 24/3/2023 14:51

Wetherspoons up lots today on good results

[netcurtains] 21/3/2023 09:49

Pubs up today

[netcurtains] 14/3/2023 16:04

I guess this is connected to tomorrows budget

[netcurtains] 09/3/2023 10:41

That graph looks literally like a bottom 😃

[netcurtains] 07/3/2023 10:33

With what's going on at Wetherspoons share price recently I'm into MAB too.
The graph shape looks interesting.
And the sector looks potentially undervalued.

[darrin1471] 25/1/2023 10:22

Have just noticed a "sleight of hand" in the MAB trading update.

"Comparing to the same period in FY 2019, the last full financial year before Covid-19, like-for like sales were up 8.9% over the first 15 weeks to 12 January 2019"

Lockdowns did not occur until March 2020 so the trading statement covering the 14 weeks ended 4 January 2020 would have been last pre covid festive period.
LfL sales were up 5.6% in the 14 weeks 2020 vs 2019

So MAB LfL sales were up 3.1% vs the last covid free festive period. Volumes were therefore likely to be significantly down once inflation is taken into account.

[1joannerose] 16/1/2023 11:15

Anyone still waiting for vouchers?

[skinny] 12/1/2023 10:18

A great hold since October :-

[southernsong] 12/1/2023 09:59

Nice trading update for the MAB longs.

A nod to you from the Marston's (MARS) thread. We are coming off a similar low base with an upcoming trading update. Company through the worst imho. adyor etc.

SouthernSong12 Jan '23 - 09:56 - 6300 of 6300 Edit
0 0 0
Worth looking at Mitchells & Butlers (MAB) today - no position held - who have delivered a decent trading update. Good to see them clawing back ground. I believe MARS will soon deliver something similar and that we are a little earlier on the recovery curve and moving off a low base.

Still very long on MARS.

[skinny] 12/1/2023 07:15

.




Trading statement covering the 15 weeks ended 7 January 2023.

Sales

Sales comparisons unless otherwise stated are to the same period in FY 2022. Prior year figures include the benefit of the temporary reduction in the rate of VAT on food and non-alcoholic drink sales.

Continued strong trading over the festive season has increased like-for-like sales in the year to date to 10.4%, with total sales growth of 13.3%.

Like-for-like sales:


10 weeks to 5 weeks to 15 weeks to
3 December 2022 7 January 2023 7 January 2023
Food 1.9% 15.8% 6.4%
Drink 12.1% 23.4% 15.5%

Total 6.5% 19.0% 10.4%

Total excl. FY 2022 VAT benefit 11.1% 23.9% 15.1%

As previously announced, we made a strong start to the year with like-for-like sales growth of 6.5% over the first ten weeks, primarily driven by drink sales growth. As expected, growth has significantly increased in the last five weeks due principally to last year being impacted by the emergence of the Omicron variant which resulted in a downturn in activity across much of the festive season.

Comparing to the same period in FY 2019, the last full financial year before Covid-19, like-for like sales were up 8.9% over the first 15 weeks to 12 January 2019, with 9.2% growth in the first ten weeks followed by 8.5% growth in the last five weeks, despite key recent weeks being negatively impacted by industrial action.

Investments

We continue to focus on investment in the estate, premiumising where possible as well as improving amenity. In the year to date we have already completed 43 conversions and remodels and opened one new site, a second All Bar One at Edinburgh Airport.

Pensions

The latest triennial valuation of the pension schemes, as at 31 March 2022, has now been completed with an improvement in the combined actuarial funding position to a marginal surplus (FY 2019: GBP293m combined deficit), with all future contributions to be made by the company until September 2023 being paid into blocked escrow accounts.

Phil Urban, Chief Executive, commented:

"We are encouraged by a strong performance through the first quarter and delighted to have been able to welcome our guests back over the festive trading season after three years of disruption due to Covid 19, setting sales records as we did so.

However, we are mindful that t he trading environment for the hospitality sector remains very challenging with inflationary costs putting sustained pressure both on the industry's margins and disposable income of our guests.

We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales. Combined with our diverse portfolio of established brands, value proposition and enviable estate locations, we believe we are well positioned to meet the challenges of the year ahead."

[adobbing] 28/12/2022 14:52

Vouchers received today

[o92mlboa] 13/12/2022 10:49

Thoughts on CMG cleantech?

[m_kerr] 12/12/2022 22:20

reading the results again, IMV it's a surprisingly good set of figures.

£240m EBIT excluding the property write down. net financial debt is now just £1200m compared to property of at least 3 times that. as i've said many times before IMV the book value is an underestimate of true value. and the pension scheme has been materially derisked.

in 2 years time it's likely net debt will fall below £1bn. it's a tough sector, but the margin of safety here is huge.

[togglebrush] 09/12/2022 07:10

Mitchells & Butlers MAB.L : JP Morgan raises target price to 180p from 169p