Mitchells & Butlers PLC Pre-Close Trading Update (3589R)
21 September 2017 - 4:00PM
UK Regulatory
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
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