Mitchells & Butlers PLC Third Quarter Trading Update (5533W)

TIDMMAB

RNS Number : 5533W

Mitchells & Butlers PLC

02 August 2018

2 August 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Third Quarter Trading Update

Trading statement covering the 43 weeks ended 28 July 2018.

Operating performance

Like-for-like sales for the 11 week period grew by 0.9% with very strong performances in our wet-led estate being offset against more challenging conditions in food-led businesses, reflecting the impact of the World Cup and sustained sunny weather. The overall performance therefore reflects the relative positioning of our estate across these two main offers.

Total sales have increased by 0.4% in the year-to-date.

Like-for-like trading performance since the last update is set out below.

 
 Like-for-like sales 
                        32 weeks to     11 weeks to     43 weeks to 
                         12 May 2018    28 July 2018    28 July 2018 
 
   Total                     1.4%           0.9%            1.3% 
 Food                       1.0%          (1.8%)           0.3% 
 Drink                      1.9%           3.9%            2.5% 
 

Cost headwinds remain largely unchanged and, as previously advised, are expected to lead to margins being lower than last year.

Investments

We have opened 5 new sites and completed 228 conversions and remodels in the financial year to date.

Phil Urban, Chief Executive, commented:

"Sales performance since the half year was impacted by England's prolonged success in the World Cup and the sustained hot weather. Trading was polarised across the Company, with the wet-led part of the business delivering very strong growth, but some of the more food-led formats, particularly the carvery businesses, were negatively impacted. However, we have been encouraged to see sales recover now that the World Cup has finished and as we continue on our longer-term journey.

We remain confident of delivering a full year performance in line with the Board's expectations. The second wave of transformation activity is beginning to bear fruit and momentum behind this programme of work continues to grow."

For further information, please contact:

 
 Tim Jones - Finance Director          [phone] 
 Amy de Marsac - Investor Relations    [phone] 
 James Murgatroyd (Finsbury)           [phone] 
 

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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTKMGGRNMVGRZM

(END) Dow Jones Newswires

August 02, 2018 02:00 ET (06:00 GMT)