Mitchells & Butlers PLC Third Quarter Trading Update (2180M)
July 27 2017 - 2:01AM
UK Regulatory
TIDMMAB
RNS Number : 2180M
Mitchells & Butlers PLC
27 July 2017
27 July 2017
Mitchells & Butlers plc
Third Quarter Trading Update
Trading statement covering the 43 weeks ended 22 July 2017.
Operating performance
Trading since the half year has been strong, with like-for-like
sales growth of 2.6% over the 10 week period continuing both the
momentum reported at the half year and out-performance to the
marketa. Total sales have increased by 3.1% in the
year-to-date.
Like-for-like trading performance since the last update is set
out below.
Like-for-like sales
28 weeks to 33 weeks to 10 weeks to 43 weeks to
8 April 2017 13 May 2017 22 July 2017 22 July 2017
Total 1.6% 1.9% 2.6% 2.0%
Food 0.8% 1.4% 1.3% 1.4%
Drink 2.3% 2.4% 3.8% 2.7%
As previously advised, increased cost pressure is expected to
lead to margins being lower than last year.
Investments
We have opened 13 new sites and completed 224 conversions and
remodels in the financial year to date.
Pensions
The company has now reached agreement on the 2016 triennial
pensions valuation with the scheme trustees. The agreed deficit of
GBP451m as at 31 March 2016 (2013: GBP572m) will be funded by an
unchanged level of cash contributions (of GBP46m pa indexed) to
2023, as per the agreement reached in 2013.
In 2024 an additional payment of GBP13m will be made into
escrow, should such further funding be required at that time.
Phil Urban, Chief Executive, commented:
"Sales performance since the half year has been encouraging,
with strengthening like-for-likes helped by the sunny weather and
continued outperformance to the marketa. The cost headwinds we face
remain challenging. However, we are working hard to mitigate these
where we can and we are confident that continued focus on the three
strategic priority areas we have identified will help us to deliver
a performance for the full year in line with the Board's
expectations and will generate long term sustainable 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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